Hexicon has completed the sale of its 100% stake in Wave Hub Ltd, the project company behind the 32 MW TwinHub floating offshore wind project in Cornwall, for a nominal consideration of £1. The company said the deal includes all associated assets and liabilities, following an impairment recognized in December 2025 after inflation and supply chain cost pressures hit the project’s economics. TwinHub had previously secured a UK CfD and was positioned as a key demonstration site for floating wind.

The signal is not that floating wind interest is fading. It is that buyers are changing. Early developers like Hexicon are exiting smaller, execution-heavy projects when cost escalation destroys standalone value, while strategic offshore engineering players step in because they can underwrite delivery risk differently. In this case, the asset did not attract value for development upside. It attracted a buyer with industrial capability and sector-entry logic.

That shift matters commercially. Enerdatics’ latest Europe M&A work shows buyers across renewables increasingly prioritizing de-risked, grid-ready and execution-visible assets, while riskier development positions face pressure on pricing and structure. Even in Europe, where BESS deal flow surged, investors remained selective on technologies with higher construction and supply chain exposure.  

TwinHub suggests floating wind M&A is moving into a partner-led phase. Developers may still originate projects, but strategic buyers will capture more of the next wave where engineering depth matters more than pipeline ownership.

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