The investment fund owner of ScotWind offshore wind developer BlueFloat Energy is looking to sell the firm, according to Spanish media reports.
The Expansión newspaper reported BlueFloat owner 547 Energy has hired the Royal Bank of Canada to analyse the sale of the ScotWind developer.
Houston-based 547 Energy is reportedly looking to sell BlueFloat for close to €500 million (£421m).
547 Energy is the green energy investment arm of private equity firm Quantum Capital Group.
Based in Madrid and Edinburgh, BlueFloat has a 34GW pipeline of predominately floating offshore wind projects.
© Andrew Dykes/DCT MediaThe company is developing projects across 10 countries, including in the UK, Spain, Italy, Australia, New Zealand, Colombia and Taiwan.
In Scotland, BlueFloat is developing the Bellrock, Broadshore and Stromar ScotWind projects off the coasts of Aberdeen, Fraserburgh and Caithness respectively.
The company is also developing the Sinclair and Scaraben projects as part of the Innovation and Targeted Oil and Gas (INTOG) leasing round.
Elsewhere in the UK, BlueFloat is developing the 1GW Llywellyn project off the coast of Wales and the 1GW Petroc project offshore Devon.
BlueFloat is developing all of its UK projects alongside Italian firm Renantis, with Danis firm Orsted also partnering on the Stromar project.
BlueFloat Energy sale
While the sale process is reportedly in its early stages, Expansión said 547 Energy has started contacting potential buyers including energy firms like Iberdrola and Equinor.
Wind turbine manufacturers are also reportedly being looked at as potential buyers, Expansión said.
Energy Voice has contacted 547 Energy for comment.
The potential sale of BlueFloat could mark the second renewables investment realisation for 547 Energy following the sale of US renewable energy developer ConnectGen.
547 sold ConnectGen to Spanish oil and gas firm Repsol in September last year for $768 million.
At the time, ConnectGen boasted a 20GW development pipeline of renewables projects, including onshore wind, solar and energy storage projects.
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