Hexicon to acquire Wave Hub in milestone agreement

Swedish floating windfarm developer and technology provider Hexicon is to acquire the Wave Hub offshore renewable energy test site in Cornwall.The deal, which is expected to complete at the end of May, will see Hexicon through its UK subsidiary, TwinHub, acquire the assets of Wave Hub Ltd from local authority, Cornwall Council, for an undisclosed sum.The Wave Hub site lies 16 km north of St Ives and Carbis Bay, where world leaders will gather for the G7 summit in just a few weeks’ time.Hexicon intends to develop the site for a 30-40MW floating offshore wind project and deploy its twin-turbine floating foundation.The team will establish how the technology could be brought to market, and explore the roles that local suppliers could play during investigative works, in fabrication and assembly, mooring, and installations, as well as serving the long-term needs of the floating offshore wind industry. Power could be delivered by 2025.Hexicon is working with Bechtel, a pioneer in engineering, construction, and project management.The deal does not include Wave Hub Development Services. Cornwall Council will retain this as a wholly-owned business, to provide support to the TwinHub project and other Celtic Sea deployments.The deal has been welcomed by the Cornwall and Isles of Scilly LEP which has championed the Celtic Sea for floating offshore wind and identified clean energy as a significant economic opportunity for the region.