Messy end for offshore wind giant as investor pulls plug
Quantum Capital Group told Australian media it is selling the assets of BlueFloat Energy and exiting the sector
Texas-based private equity firm Quantum Capital Group is selling off assets of its Madrid-based offshore wind developer BlueFloat Energy and exiting the sector, according to global media reports.
BlueFloat has one of the world’s biggest floating wind pipelines that includes projects in Australia, the UK, Italy, Spain and Taiwan.
The news broke this week after the developer pulled the plug on the 2GW Gippsland Dawn array off Australia’s Victoria State, potentially scuttling the region’s green energy aspirations.
“Following a strategic review of current and anticipated global offshore wind market conditions, BlueFloat Energy’s ultimate shareholder Quantum Capital Group has determined that continuing to fund offshore wind developments is no longer commercially viable in the short and medium term,” the developer told Australia media.
Quantum “has taken the difficult decision to cease BlueFloat Energy’s global operations,” a spokesperson told Australian reporters.
In a post on LinkedIn, Rivals said that “after careful thinking” he had decided it is the “right moment to turn the page” on his role at the company.
Rivals founded BlueFloat in 2020 with support from 547 Energy, a Quantum Capital investment fund.
Its 34GW pipeline includes 13GW of advanced projects in the UK, Australia, Italy and Spain, including 11GW of secured exclusive seabed leases that are on track for final investment decision before 2032.
BlueFloat also secured over 6GW in tenders competing with global industry leaders, including three Scotwind projects in the UK
ScotWind player
The company’s projects are most advanced in the UK market, with 3.3GW of floating wind capacity in the pipeline. This includes three emanating from the ScotWind lease round that were advancing under a partnership with Milan-based renewables developer Renantis, which was since rebranded as Nadara.
The UK portfolio also includes two projects bid under INTOG, a Scottish lease round geared toward derisking floating wind technology and supply chains, and decarbonising North Sea oil and gas production.
In BlueFloat's case, the Sinclair (99.5MW) and Scaraben (99.5MW) innovation projects are meant to form a 900MWW hub with one of the three ScotWind projects called Broadshore. Exclusivity agreements were signed for both INTOG projects in April last year.
The rest of the BlueFloat-Nadara ScotWind portfolio is made up of the 1.2GW Bellrock project and the 1GW Stromar project, where Orsted is also a partner.
BlueFloat and 547 Energy were lined up for several US seabed leasing rounds including the nation’s first floating wind tender off California but ultimately declined to bid.
Quantum has some $17bn in energy and sector-related infrastructure investments under management.