Dutch earmark 1 billion euros for offshore wind farm subsidies

AMSTERDAM (Reuters) -The Dutch government will grant around 1 billion euros ($1.18 billion) in subsidies next year for the construction of offshore wind farms with a total capacity of 2 gigawatt (GW), it said on Tuesday.

Tenders for the wind farms had been put on hold in May, as prospective builders had said they saw no viable business case without subsidies.

The Netherlands last year already pushed back plans to increase offshore wind capacity from 4.7 GW to 21 GW to the end of 2032 instead of 2030, citing costs and supply chain difficulties.

($1 = 0.8450 euros)

(Reporting by Bart Meijer)