Hexicon acquires Wave Hub in boost for UK offshore wind energy

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 acquisition of Wave Hub is fully in line with Hexicons 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 Cornwalls 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\u2019s 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 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: ”Were 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 sites 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.

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