Celtic Sea Floating Offshore Wind Leasing Round 5 (“Round 5")

Descriptions

This is a services concession contract.The contracts which The Crown Estate expects to enter into as a result of the Celtic Sea Floating Offshore Wind Leasing Round 5 (“Round 5") will grant new seabed rights to developers for the development of new floating wind farms within three project development areas, each of which has a maximum potential energy generation capacity of 1.5GW (meaning a combined maximum potential energy generation capacity of 4.5GW across all 3 project development areas).These rights will be governed by three separate ‘agreements for lease’, which The Crown Estate intends to award to three different successful suppliers through a competitive tender process – one for each of the three project development areas. Holders of the agreements for lease will acquire the rights necessary to develop floating offshore wind farms in the relevant project development areas and will have the option to enter into leases with The Crown Estate for the construction and operation of these wind farms for the purposes of the generation, transmission and sale of electricity (or other forms of energy, where permitted), subject to the satisfaction of certain conditions detailed in the agreements for lease.