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Equinor secures record-breaking state aid for floating wind project in the North Sea

Today the Norwegian state enterprise Enova announced its readiness to support Equinor’s Hywind Tampen offshore wind project with 2.3 billion Norwegian kroner, equivalent to app. 230 million euros. The project will provide electricity for two North Sea oil fields, Gullfaks and Snorre. The announcement comes as a response to Equinor’s application for financial support last fall.

Enova’s announcement is a milestone as it represents the first major measure to subsidize the Norwegian offshore wind market. Earlier this summer, the Norwegian government announced plans to open two new areas for offshore wind development.

Enova, established in 2001, is a government-owned entity and aims to reduce greenhouse gas emissions, develop energy and climate technology, as well as enhancing security of supply. 

The support for Equinor’s floating wind project is the largest grant to date from Enova, beating the 2014 grant to Hydro of 1.55 billion Norwegian kroner. The Hywind Tampen project will become the world’s largest floating wind farm if completed as planned, with a total capacity of 88 MW. The Hywind Tampen grant is contingent on approval from the EFTA Surveillance Authority (ESA) as EU/EEA compliant state aid.

Arntzen de Besche is assisting clients in the electricity and offshore sectors on all matters pertaining to projects, transactions and regulatory advice, and has extensive experience with advising state aid recipients and stakeholders in the energy and infrastructure sector. Our firm is also a member of the Norwegian business community coalition Skift (formely Norge203040), which aims at having Norwegian business play a leading role in the transition to a low-carbon economy.

More about Arntzen de Besche and renewable energy here.

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