Floating wind must ‘attract private equity’ players to succeed, report claims

Pioneering: Turbines for the Hywind floating offshore development. Photo by Jan Arne Wold / Woldcam, courtesy of equinor
Pioneering: Turbines for the Hywind floating offshore development. Photo by Jan Arne Wold / Woldcam, courtesy of equinor

The floating wind sector must “attract private equity” if it is to emulate the success of bottom fixed offshore wind projects, a WindEurope report has said.

The report added that the sector “needs urgent action from the EU and member states” to “maximise local and supply chain benefits”.

The paper says there are currently more than 50 projects at “different stages” across the world.

WindEurope’s findings suggest that if Europe is to “capitalise on its advantage” it must set out policy to “ensure cost reduction continues through economies of scale”.

Currently the North Sea boasts Equinor’s 30 megawatt (MW) Hywind Scotland project and the first stages of the Kincardine Offshore Windfarm (49MW) off the coast of Peterhead.

Equinor this year announced plans for the Hywind Tampen project in the Norwegian North Sea.

WindEurope’s report adds that if floating wind is to create “new businesses and export opportunities” it may need “several hundreds of millions in” private equity investment.

The paper also suggests that any floating wind projects backed by “large players” from bottom fixed offshore wind project sector, “will have better chances to come to market”.

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