Norway-based offshore wind developer Fred. Olsen Seawind has made a deal to take over Vattenfall’s 50% ownership of the Muir Mhòr floating offshore wind project offshore Scotland.

Fred. Olsen Seawind, an indirect wholly owned subsidiary of Bonheur, now holds full ownership of the incorporated wind farm. However, the transaction is subject to receiving regulatory approvals. The change of ownership will take the form of a share sale.

For accounting purposes, Fred. Olsen Seawind will continue to record its investment book value as of December 31, 2025, at which point it will assume 100% economic ownership of the project.

Muir Mhòr was awarded seabed rights in 2022 as part of the ScotWind leasing round and is one of the world’s first commercial-scale floating offshore wind projects.

It is located off the Aberdeenshire coast, approximately 63 km from Peterhead. The project is targeting an early allocation round and is on track to start generating clean, renewable power in the early 2030s.