Quantum Capital Group, the U.S.-based private equity owner of floating wind developer BlueFloat Energy, is in advanced talks to sell stakes in a number of offshore wind projects across Europe, according to reports in Spanish media.
Citing El Economista, the negotiations involve Nadara, an existing partner in several of BlueFloat’s developments in the UK and Italy. The discussions focus on divesting shareholdings in ten offshore wind projects, including five in Scotland and six in Italy with a combined capacity of over 6.2 gigawatts.
In Scotland, BlueFloat is involved in projects such as the 1.2GW Bellrock, 900MW Broadshore, and two 99.5MW sites, Scaraben and Sinclair, all co-owned with Nadara. The 1.5GW Stromar project is a joint venture with Nadara and Danish energy firm Ørsted.
In Italy, BlueFloat and Nadara jointly hold six projects totaling 4.46GW in capacity.
The move comes after Quantum halted an earlier attempt to sell BlueFloat in its entirety due to a lack of suitable offers. The current approach seeks to divest assets on a regional basis instead.
El Economista also reported that Quantum has decided to shut down the Madrid-headquartered developer and is actively working to sell assets in other markets, including Spain, the Philippines, and Taiwan.
According to Australian media, BlueFloat has also dropped plans for a 2.1GW offshore wind project off the coast of Australia.
“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,” BlueFloat told Australian press.
BlueFloat and Quantum did not respond to requests for comment. Nadara declined to comment.
