Swedish developer Hexicon has announced the sale of the 32MW TwinHub floating offshore wind project in the UK for a symbolic price of just £1, to a global maritime and offshore engineering solutions provider whose identity has not been disclosed.

Shortly before the deal, the UK government formally terminated the project’s Contract for Difference (CfD) support scheme, bringing a quiet end to a development once hailed as a pioneer of the UK’s floating wind sector.

Back in 2021, Hexicon acquired the Wave Hub site off the coast of Cornwall, England, originally earmarked for wave energy testing, before repurposing it for a floating wind project. In 2022, TwinHub made history as the UK’s first floating wind project to win a CfD auction, securing a strike price of £87.30 per MWh and establishing itself as an industry benchmark.

A key innovation of TwinHub was its design: two wind turbines mounted on a single tripod floating platform, intended to lower capital costs. The project had planned to use turbines from Chinese OEM Mingyang Smart Energy, only to face supply shortages after the company was effectively blocked from the UK offshore wind market. Amid soaring inflation and surging supply chain costs, Hexicon booked an impairment of around €10.5 million on the project as early as January 2026.

In fact, Hexicon had been seeking to divest TwinHub since 2024, making this £1 sale far more symbolic than economic. The company’s CEO stated that the new owner is expected to advance the project and support the commercialization of floating wind power.