Under the agreement, Hexicon has divested its entire 100% stake in the project, including associated assets and liabilities, for a total consideration of GBP 1.

Hexicon acquired Wave Hub Ltd in 2021. The site was previously permitted for wave power and, over the past few years, Hexicon has progressed significant work to re-permit and adapt the site for a floating offshore wind farm. Following a combination of significant increases in inflationary pressures and supply chain costs, Hexicon recognised an impairment on the project in December 2025, which was announced in January 2026.

Hexicon’s CEO, Marcus Thor, said: “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.”

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Read the article online at: https://www.energyglobal.com/wind/10042026/hexicon-completes-divestment-of-twinhub-project/