Norway Plans EUR 3 Billion Subsidy for Floating Offshore Wind

October 7, 2024, by Adnan Memija

The Norwegian government has proposed NOK 35 billion (approximately EUR 3 billion) for a support scheme dedicated towards the first commercial floating offshore wind tender within the Vestavind F and Vestavind B areas.

According to the press release, the government is making progress in following up on its ambitious plan to allocate project areas for 30 GW of offshore wind by 2040.

Norway plans to conduct the next tendering round for offshore wind in 2025. After that, the government intends to hold regularly scheduled tendering rounds and state aid competitions leading up to 2040.

Recently, the government held a public consultation on the proposed support scheme models for the areas Vestavind B and Vestavind F.

“Norway has an enormous potential for floating offshore wind on its continental shelf, but because the technology remains immature and costly, state support is required to accelerate its development. That is why we are proposing an ambitious support scheme. The support scheme will enable the delivery of more power to Norway and pave the way for a new industrial adventure”, said Norway’s Minister of Petroleum and Energy, Terje Aasland.

The Norwegian Water Resources and Energy Directorate (NVE) has been tasked with conducting a strategic impact assessment of 20 areas that may be suitable for the development of offshore wind.

The strategic impact assessment of areas Vestavind F, Vestavind B, and Sørvest F is planned to be completed by November this year, while the assessment for the remaining 17 is set to be finalised by June 2025.

In March, the government announced that the award of 1.5 GW of floating wind capacity in Norway, which was planned for this year, will be held in 2025.