Vattenfall and Fred. Olsen Seawind have agreed that Fred. Olsen Seawind will take full ownership of the Muir Mhòr floating offshore wind project in Scotland.
The change will be executed through a share sale, with Vattenfall selling its stake to its joint venture partner, subject to regulatory approvals including consent from Crown Estate Scotland.
The project, located about 63 km off the coast of Peterhead, will continue to progress on schedule, pending remaining development consents including offshore approval.
The companies said the ownership change is intended to support the project’s development and enable participation in an early allocation round.
Muir Mhòr, with planned capacity of up to 1 GW, is among Scotland’s earliest commercial-scale floating offshore wind projects and could supply electricity to around 1.2 million homes once operational in the early 2030s.
The project secured seabed rights in the 2022 ScotWind leasing round and received onshore consent approval in 2025.
Vattenfall said the move reflects its portfolio priorities, with a focus on other offshore wind developments including Nordlicht I and II in Germany and Zeevonk in the Netherlands.
In Scotland, the company continues construction of the Clashindarroch II onshore wind farm, with first power expected in 2027.