Finance
Norway's first floating wind tender attracts two bids
Published by Global Banking and Finance Review
Posted on September 15, 2025
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Published by Global Banking and Finance Review
Posted on September 15, 2025
OSLO (Reuters) - The first tender to build commercial floating offshore wind farms in Norway has attracted bids from two consortia, the energy ministry said on Monday.
The applicants were a group consisting of Equinor and Eni's Vaargronn, and another comprising Deep Wind Offshore Norway AS and EDF Renouvelables International, the ministry said.
Norway in May invited bids for the rights to develop projects of up to 500 megawatts at the Utsira Nord site off its south-west coast.
The country, a major oil and gas producer, is seeking to sharply increase its renewable energy output in the coming decades to meet an expected surge in demand as more industries decarbonise their operations.
"Offshore wind is one of the government's priority areas to ensure enough power in the years ahead," Energy Minister Terje Aasland said in a statement.
The government will now evaluate the applications and expects to announce whether they fulfil the set criteria in the first half of 2026.
After that, selected participants will have two years to work on the projects before competing in an auction for subsidies in 2028-2029, to be provided as a direct grant to one successful bidder only.
Siri Espedal Kindrem, head of Equinor's Norwegian renewable energy business, said in a statement that there is as yet no financial commitment from the partners in that company's consortium, and that profitability remains a key prerequisite for realising the project.
Norway has agreed to cap total subsidies at Utsira Nord at 35 billion Norwegian crowns ($3.37 billion), reflecting the technology's relative immaturity.
Floating wind turbines are deemed particularly suitable for greater water depths where fixing the foundation into the seabed is not possible.
Norway awarded a first bottom-fixed offshore wind farm licence in 2024, but will focus solely on floating wind farm development when it next announces new tenders.
The government has also set a target of allocating areas for a total of 30 GW of offshore wind development by 2040.
(Reporting by Nora Buli; Editing by Terje Solsvik and Jan Harvey)