Augusta leads floating offshore wind consortium formation in Norway

Augusta & Co is delighted to have led the consortium formation process on behalf of its client Source Galileo to create a four-way partnership to bid into the 500MW Utsira Nord floating offshore wind tender in Norway.

The UtsiraVIND Consortium, originally a partnership between Source Galileo, a fast-growing offshore wind developer, and Odfjell Oceanwind, the leading Norwegian provider of flotation structures, has been further strengthened with Kansai, Japan’s leading energy company, and Ingka Investments, the investment arm of the IKEA global retail group, joining the partnership.

The consortium brings together proprietary technology in floating structures, utility-scale electrical engineering and operations, financial strength, and real depth of offshore wind experience. By pooling their knowledge and complementary strengths, the partners seek to make Norwegian floating wind a globally cost-competitive energy supply solution.

Kevin Lynch, CEO of Source Galileo said: “Augusta has done an outstanding job in identifying the ideal consortium partners to make UtsiraVIND an even more compelling proposition. They managed a complex consortium building process to align four parties with a very well-balanced governance and funding framework.”

Simon Clement-Davies, Partner at Augusta & Co, commented: “We congratulate today’s four consortium members on creating a partnership with a compelling rationale and a powerful set of complementary strengths. The partners can deliver a world-class solution for floating offshore wind in Norwegian waters, but it’s also one that carries immense potential for other jurisdictions. This is the 30th offshore wind transaction Augusta has managed and an important milestone in the new frontier of floating wind”.

Augusta acted as exclusive financial adviser to Source Galileo.

Simon Clement-Davies
Johnathan James