Fred Olsen Seawind has agreed to acquire Vattenfall’s 50% stake in the Muir Mhòr floating offshore wind project off Scotland, giving it 100% ownership. The project is located around 63 km off Aberdeenshire, near Peterhead, and is targeting first power in the early 2030s. Muir Mhòr was awarded seabed rights in the 2022 ScotWind round and has been described as a project of up to 1 GW.

The deal signals a shift in floating offshore wind M&A: buyers are moving from partnership risk-sharing to control positions where they can manage consenting, grid timing, and construction readiness directly.

Vattenfall’s exit leaves Fred Olsen Seawind responsible for advancing offshore consent and securing an accelerated grid date with NESO. That matters because floating wind projects are now being valued less on seabed optionality and more on whether sponsors can convert leases into bankable, grid-connected projects.

For Fred Olsen Seawind, full ownership improves control over supply chain strategy, permitting, and allocation-round positioning. For the wider ScotWind market, the transaction shows that floating wind buyers are prioritizing projects where a single sponsor can move faster through development risk.

Want to track the latest M&A, financings, PPAs, and key developments across the industry? Explore the Enerdatics Insights page.