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Hexicon acquires Wave Hub in boost for UK offshore wind energy

PKF Francis Clark has advised Hexicon, a leading developer of floating wind farms, on its acquisition of the Wave Hub offshore renewable energy test site in Cornwall.

The deal, first announced in May and now completed, sees Hexicon’s UK subsidiary, TwinHub Limited, acquire the assets of Wave Hub Limited from Cornwall Council. It paves the way for Hexicon’s first deployment of its innovative TwinWind floating foundation technology in UK waters by 2025.

We’re delighted to play our part in supporting this landmark renewable energy development on our doorstep, and look forward to Hexicon and Bechtel realising the Wave Hub site’s potential to generate clean energy in the coming years

The Wave Hub site lies 16 km north of St Ives and Carbis Bay, where world leaders gathered for the G7 summit in June. TwinHub Limited intends to develop the site for a 30-40MW floating offshore wind project, bolstering the UK Government’s target for 40GW of offshore wind energy by 2030, including at least 1GW of floating wind power.

Hexicon’s innovative twin-turbine floating foundation will be deployed at the Wave Hub site off the coast of Cornwall

Swedish firm Hexicon is partnering with Bechtel, a global leader in engineering, construction, and project management, to deliver the scheme.

Hexicon chief executive Marcus Thor said: “TwinHub’s acquisition of Wave Hub is fully in line with Hexicon’s long term ambition of developing large scale floating wind projects capable of delivering consistent and secure renewable energy at the lowest possible cost. We look forward to supporting Cornwall’s aspirations to become a base for floating offshore wind projects in the Celtic Sea.”

PKF Francis Clark supported Hexicon on the acquisition of Wave Hub by carrying out financial and tax due diligence.

Wave Hub Ltd’s assets include a 30 MW grid-connection (expandable to 40 MW); a four-way seabed hub 16 km offshore and four inter array cables; an onshore sub-station and related land; and a Section 36 consent over eight square kilometres of sea, with one of the best offshore wind resources in Europe.

Robert Gear, corporate finance director at PKF Francis Clark, said: “This landmark deal highlights the investor appetite we continue to see for UK renewable energy projects, and offshore wind in particular. It also reaffirms the South West’s credentials as a region with the natural resources, skills and buy-in from public and private sector leaders to play a leading role in the transition to net zero.”

Bob Meier, corporate finance director at PKF Francis Clark, added: “We’re delighted to play our part in supporting this landmark renewable energy development on our doorstep, and look forward to Hexicon and Bechtel realising the Wave Hub site’s potential to generate clean energy in the coming years.”

The PKF Francis Clark team comprised Andrew Killick, Robert Gear, Bob Meier and Richard Wadman. Hexicon was also advised by Green Giraffe and Eversheds Sutherland.

Read more about recent deals PKF Francis Clark’s corporate finance team has advised on.

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