Norway has awarded $430 million to two floating offshore wind projects that will install four next-generation turbines off the coast of Karmoy with a combined capacity of 74 MW.
Norway has announced funding of NOK 3.94 billion (approximately $430 million) for two floating offshore wind projects, marking a major step towards advancing next-generation renewable energy technology.
The funding has been awarded by state-backed agency Enova to Fortius Offshore Wind and Fram Wind Solutions. Both projects will be developed at the METCentre offshore wind demonstration facility in Rogaland off the coast of Karmøy.
The awards followed a competitive funding process that attracted five applications. Fortius Offshore Wind, owned by Deep Wind Offshore, will receive NOK 2 billion, while Fram Wind Solutions, backed by BW Offshore and Grieg Kapital, has been allocated NOK 1.94 billion.
Four turbines to deliver 74 MW of capacity
Each project will install two floating wind turbines, with an individual capacity of 18.5 MW. Together, the four turbines will provide a total installed capacity of 74 MW.
Once operational, the projects are expected to generate approximately 300 gigawatt-hours (GWh) of electricity every year, equivalent to the annual electricity consumption of around 15,000 households.
Both developers plan to install their turbines within the next five years. However, the funding will be disbursed subject to the projects being successfully realised.
Beyond electricity generation, the developments will serve as demonstration projects for advanced floating offshore wind technology.
They will test floating foundations designed to support large turbines, innovative mooring systems and new methods for offshore construction, installation and operations.
Floating wind technology allows turbines to be installed in deeper waters where conventional fixed-bottom foundations may not be suitable, potentially opening up new areas for offshore renewable energy development.
Focus on efficiency and future cost reductions
Enova evaluated the proposals based on several criteria, including expected electricity generation relative to public funding, the potential to scale up the technology, environmental impact and opportunities to reduce future costs.
The projects are expected to contribute to technological advancements that could make floating offshore wind more commercially viable and support the expansion of renewable electricity generation.
Norway’s investment highlights the growing focus on floating wind technology as countries explore ways to unlock offshore wind resources and accelerate the global energy transition.