Norway Plans $3.3 Billion Floating Wind Subsidy Cap

Wedoany.com Report-Oct 09,The Norwegian government proposed on Monday to offer up to 35 billion Norwegian crowns ($3.29 billion) in subsidies in the country’s first commercial floating wind power tender, in line with a preliminary plan outlined in June.

“Norway has enormous potential for floating offshore wind on its continental shelf, but because the technology is still immature and expensive, government support is needed to speed up development”, Energy Minister Terje Aasland said.

The expected cost of building floating wind farms has soared as inflation hit turbine makers and other suppliers, leading developers to seek significant government support.

Norway’s 2025 budget proposal on Monday kept the subsidy offer unchanged from a mid-term agreement reached in June, despite some expectations from industry it could be increased.

The government said the current calculations are based on a reference project of around 500 MW megawatt (MW) in size, the government said.