We believe that floating offshore wind (FOW) is a game changer for renewable power
Offshore Floating Wind Business Model
Our goal is to develop floating wind projects that will make a valuable contribution to Europe’s electricity demand. Offshore floating wind:
We completed a ‘Technology and Commercial Review’ of Floating Offshore Wind Foundations in 2016 and another in 2020. Floating wind solutions have matured in that time and more foundations are financeable. The scale of projects is increasing globally and there are more technologies available. We are open to working with different technologies on projects.
We have partnered with Principle Power as a leading developer of floating technology to develop a number of sites off the UK and Ireland. The first, Erebus, will be in the Celtic Sea off Wales. Another, the Emerald portfolio, will be off the south coast of Ireland.
Offshore Floating Wind Potential
Offshore wind has become a favoured form of renewable energy generation. It is expected to produce 7% – 11% of the EU’s electricity demand by 2030 and has the potential to provide 80% to 180% at a competitive cost of EUR65/MWh or below.
Up to 45% of this energy is identified as coming from floating wind. Therefore to capitalise on Europe’s full offshore wind potential, floating as well as fixed foundation solutions will be required.