Norway proposes $3.29bn subsidy for 2025 floating wind tender
On 7 October, the Norwegian government announced a proposal to provide up to Nkr35 billion ($3.29 billion) in subsidies for its planned floating wind tender in 2025. The funding, based on a 500 MW reference project, is intended to support the development of floating offshore wind, a key growth area for Norway’s renewable energy sector.
The tender will be Norway’s first commercial floating wind round, with the country targeting 30 GW of offshore wind capacity by 2040. Norway’s current offshore wind capacity is 152.3 MW, expected to grow to 162.3 MW by the end of 2024.
The 2025 subsidy offer remains unchanged from an agreement reached in June, and various factors, including cost developments and project maturity, will determine how much capacity will be developed. In 2023, Equinor launched Hywind Tampen, the world’s largest floating wind farm, further bolstering Norway’s efforts in this sector.