Key Takeaways
- • Hexicon AB completed the divestment of its 100% stake in the TwinHub floating offshore wind project (Wave Hub Ltd) in Cornwall, UK, for a nominal consideration of GBP 1, transferring all associated assets and liabilities to an unnamed "leading global provider of advanced maritime and offshore engineering solutions."
- • The 32MW project was acquired by Hexicon in 2021 and underwent significant re-permitting and adaptation work from wave power to floating offshore wind, but was impaired in December 2025 following substantial inflationary pressures and supply chain cost increases, with the impairment announced in January 2026.
- • The divestment concludes a strategic exit process initiated in early 2024, with CEO Marcus Thor stating the sale enables the site to progress under new ownership and contribute to global floating offshore wind commercialization.
- • The nominal GBP 1 sale price reflects the project's deteriorated financial position following cost escalations and regulatory headwinds, including the cancellation of the UK's first floating wind Contract for Difference (CfD).
Summary
Hexicon AB has completed the sale of its entire stake in the TwinHub floating offshore wind project located off the coast of Cornwall, United Kingdom. The Swedish renewable energy developer divested 100% of Wave Hub Ltd, the project company, through a sales and purchase agreement with a leading global maritime and offshore engineering solutions provider. The transaction transferred all project assets and liabilities for a total consideration of GBP 1.
The TwinHub project represents a strategically significant asset in the floating offshore wind sector, with a 32MW capacity. Hexicon acquired Wave Hub Ltd in 2021 when the site was originally permitted for wave power generation. Over the subsequent years, the company undertook substantial work to re-permit and restructure the site for floating offshore wind development. However, the project encountered significant financial headwinds driven by inflationary pressures and elevated supply chain costs. In December 2025, Hexicon recognized a material impairment on the asset, which was publicly announced in January 2026, signaling deterioration in project economics.
The divestment process accelerated in early 2024 when Hexicon initiated a focused search for a strategic partner to assume the project. CEO Marcus Thor stated: "Since early 2024, Hexicon has been focused on divesting the Project to a strategic partner seeking to enter the floating offshore wind sector. We are pleased to have identified a new strategic player, which will enable the site to progress and contribute to the global commercialisation of floating offshore wind." The nominal sale price reflects the challenging conditions facing the project, including rising development costs and regulatory uncertainties in the UK's floating wind sector.
The transaction represents a strategic recalibration for Hexicon as the floating offshore wind market faces near-term commercialization challenges. The buyer's acquisition of the fully permitted site and associated development work positions it to advance the project under potentially more favorable cost structures or market conditions. The divestment allows Hexicon to exit the project and redeploy capital elsewhere, while the new owner inherits the significant permitting progress and site development work completed since 2021.
The TwinHub project represents a strategically significant asset in the floating offshore wind sector, with a 32MW capacity. Hexicon acquired Wave Hub Ltd in 2021 when the site was originally permitted for wave power generation. Over the subsequent years, the company undertook substantial work to re-permit and restructure the site for floating offshore wind development. However, the project encountered significant financial headwinds driven by inflationary pressures and elevated supply chain costs. In December 2025, Hexicon recognized a material impairment on the asset, which was publicly announced in January 2026, signaling deterioration in project economics.
The divestment process accelerated in early 2024 when Hexicon initiated a focused search for a strategic partner to assume the project. CEO Marcus Thor stated: "Since early 2024, Hexicon has been focused on divesting the Project to a strategic partner seeking to enter the floating offshore wind sector. We are pleased to have identified a new strategic player, which will enable the site to progress and contribute to the global commercialisation of floating offshore wind." The nominal sale price reflects the challenging conditions facing the project, including rising development costs and regulatory uncertainties in the UK's floating wind sector.
The transaction represents a strategic recalibration for Hexicon as the floating offshore wind market faces near-term commercialization challenges. The buyer's acquisition of the fully permitted site and associated development work positions it to advance the project under potentially more favorable cost structures or market conditions. The divestment allows Hexicon to exit the project and redeploy capital elsewhere, while the new owner inherits the significant permitting progress and site development work completed since 2021.
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