Troubled floating wind gets vote of confidence from Norway

Troubled floating wind project gets vote of confidence from Norway

Norway

OSLO, March 8, 2024 – The Norwegian government has agreed to invest USD 193 million in a floating wind project in Arctic waters, offering a vote of confidence in the still-costly technology, Reuters reported on Friday.

The 75-MW GoliatVIND demonstration project in the Barents Sea won the funding via a competitive tender. It will connect to a cable that runs from shore to the Goliat offshore oil platform, supplying electricity to the Arctic town of Hammerfest.

The project is a collaboration launched in 2023 between Source Galileo Norge, Odfjell Oceanwind and Kansai Electric Power.

The companies estimate that they can complete the project as early as 2027, depending on factors such as approvals and incentives.

“The government wants to make arrangements for floating offshore wind to become a new leg for the Norwegian supplier industry to stand on,” Reuters cited Minister of Energy Terje Aasland as saying.

Investment in floating wind has dropped in recent years as project costs remain high, and companies such as Iberdrola and Orsted have dropped out of projects in the past year.

Photo courtesy of Source Galileo.