EUROPE’S largest floating wind farm has been approved off the Aberdeenshire coast in a “massive boost” for the north east of Scotland.

Green Volt – Europe’s first commercial-scale floating wind farm – has been given the green light off the coast of Peterhead which is set to trigger up to £3 billion in investment, according to north-east energy tycoon Sir Ian Wood.

The billionaire businessman also said the project - which is owned 50% each by Aberdeen-based Flotation Energy and Norwegian firm Vargronn - will create hundreds of jobs.

The wind farm will have up to 35 turbines at a power of 560 MW and has been described as an “essential stepping stone” from current small-scale projects to gigawatt-style developments.

READ MORE: How much does Britain make from arms sales?

The SNP’s energy security and net zero spokesperson Dave Doogan said: “This puts Scotland at the forefront of the renewables energy revolution as the place to invest, thanks to the Scottish Government doing all it can to support the job-creating industries of the green economy.

 "Scotland is blessed with huge natural resources and our potential is the envy of countries across the world - by offering investment allowances to renewables we can tap into Scotland's unique opportunity for economic growth and the jobs that follow. 
“Scotland, particularly the north east, has a highly skilled, expert workforce that we need to harness, but both Labour and the Tories are wedded to damaging plans that will see that threatened or lost.

“By encouraging renewable expansion, we will create highly paid jobs to allow Scotland to retain those same oil and gas workers who will drive forward our green economy.”

The project hopes to position the north east region in becoming the home of future offshore wind jobs.

READ MORE: Scottish independence convention announced for St Andrew’s Day

The power and grid-connection supplied through Green Volt will help to provide renewable energy to oil and gas platforms in the surrounding areas, which will replace power currently generated by diesel and gas turbines.

It is expected to reduce carbon emissions by one million tonnes per year.

First Minister Humza Yousaf also welcomed the move.

He said: “It is great news that we have consented the first project in the Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round – this is a significant milestone which will help secure Scotland’s place at the forefront of floating wind technology.

“Scotland is one of the best places in the world to develop offshore wind and its supply chain, and we are determined to maximise the huge economic opportunity offshore wind can bring.”

Wood said: “The awarding of consent for the Green Volt INTOG project is a massive boost for Scotland’s ambition to be a global leader in floating offshore wind.

“This decision will unlock around £3bn of investment, generate hundreds of jobs and will effectively result in Europe’s first commercial scale floating wind development.

“Crucially, it also sends a huge signal to domestic and international investors that Scotland is indeed a pioneer in this technology and the ideal location to manufacture and deliver floating wind developments.”