Ofgem, the UK energy regulator, has announced the selection of four potential operators, including a newcomer consortium, to compete for the ownership and operation of three offshore wind farm transmission assets valued at approximately £2 billion.

The SEAWORTHY project aims to harness the combined power of wave and wind resources to generate electricity while utilizing excess power to produce and store hydrogen.

The country aims to reach a target of 30 gigawatts of offshore wind capacity by 2030.

The decommissioning process will involve installing 14 new wind turbines with a combined capacity of 79 MW, enabling the wind farm to produce five times the amount of clean energy with just half the number of turbines.

The call comes after a well-attended supply chain event held at the European Marine Science Park near Oban, organized by the DeepWind Cluster in partnership with ScottishPower Renewables.

This agreement allows the wind farm to engage in short-term hedging transactions based on Futures Contract prices.

The proposed sites could have a combined storage capacity of 90MW and would support the national grid during peak periods.

A significant number of potential offshore wind projects worldwide, set to make final investment decisions this year, are facing increased risk, according to industry analysts.

This substantial funding boost comes at a crucial time for the renewable power sector, which requires significant capital to meet climate goals while grappling with rising interest rates.

LDC has made an investment in Boston Energy, a technical services provider for the wind energy industry. Boston Energy specializes in employing and training specialized technicians to support the construction and maintenance of onshore and offshore wind farms worldwide.