In 2022, the Scottish Government’s ‘ScotWind’ leasing round awarded rights to develop 20 new offshore wind projects. Together, they are expected to deliver around 30GW of capacity – making ScotWind the largest offshore wind leasing round in the world.

For the first time, a new report by Future Economy Scotland reveals who owns the 20 ‘ScotWind’ projects – and therefore who stands to benefit. The analysis, drawing on data compiled by Common Wealth, reveals that:

 

●      Only four out of the 29 parent companies that own ScotWind developers are headquartered in the UK, which together own less than a quarter (22%) of total capacity. More than three quarters (78%) of ScotWind capacity is owned by companies headquartered outside the UK, meaning these profits will flow overseas.

 

●      Six of the 29 parent companies that own ScotWind developers are foreign state-owned firms, which collectively own 12% of total ScotWind capacity. This includes national governments of Ireland, Sweden and Denmark, as well as regional governments in Germany and Belgium. Meanwhile, the Scottish Government does not own any ScotWind capacity.

 

●      Large fossil fuel companies own a quarter (25%) of total ScotWind capacity – including Shell, BP and TotalEnergies, alongside the Japanese firms Marubeni and Mitsui & Co and the Norwegian company Aker ASA.

 

●      The world’s biggest asset manager, BlackRock, is a top ten shareholder in 14 out of 20 ScotWind projects, while its rival Vanguard is a top ten shareholder in 15 out of 20 ScotWind projects. 

 

The report, ‘Rethinking ScotWind’, sets out how future leasing rounds can be reformed to maximise benefits for the people of Scotland. It recommends that the Scottish Government:

 

●      Takes 20% public equity stakes in all future offshore wind projects, ensuring that the Scottish people share in the benefits of Scotland’s wind resources.

●      Strengthens conditions attached to future offshore wind leases to grow domestic supply chains, including introducing a new ‘Buy Scotland’ framework to maximise opportunities for Scottish businesses.  

 

Commenting on the findings, Laurie Macfarlane, Co-Director of Future Economy Scotland said:

 

“Scotland’s offshore wind is one of our greatest natural assets, yet ScotWind handed control to fossil fuel giants, asset managers and foreign governments. Absurdly, Ireland’s government owns more Scottish offshore wind than the Scottish Government does – meaning ScotWind profits will support public spending over the Irish sea, but not in Scotland.

 

“The UK squandered its oil and gas wealth – we cannot repeat the same mistake with renewables. While the Scottish Government secured £755m from developers in up-front fees, this is a drop in the ocean compared to the profits that lie ahead. The Scottish Government must take public equity stakes in offshore wind to ensure our people share in the benefits of our resources.”

 

Sophie Flinders, Senior Data Analyst at Common Wealth, said:

 

"Our findings show that the Scottish shores are not open for business, they are up for sale. Rather than building publicly owned offshore wind farms directly, the state has allowed fossil fuel giants, financial institutions, and foreign state-owned companies to reap the rewards from this new era of renewable energy. The Scottish Government should take control of offshore wind farm development to make sure that the benefits of these projects can be reinvested into Scottish communities and to help ensure the benefit of cheaper energy are passed directly onto households."  

 

-ENDS-

 

NOTES TO EDITORS

 

[1] Further detail on the ownership figures cited above can be found in Future Economy Scotland’s new paper, ‘Rethinking ScotWind’. Users can also explore ownership data on Future Economy Scotland and Common Wealth’s interactive map, ‘Who Owns ScotWind?’. All figures stated above are accurate as of June 2025. 

 

[2] Future Economy Scotland is a non-partisan think tank that aims to create a new economy that is democratic, sustainable and just. For more information, visit: www.futureeconomy.scot  

 

[3] Common Wealth is a progressive think tank designing ownership models for a more democratic and sustainable economy. For more information, visit: https://www.common-wealth.org/  

 

[4] To book an interview with a spokesperson, or for any other questions, please contact laurie@futureeconomy.scot or call 07909107890