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Finance

Norway grants $428 million for two floating offshore wind test projects

Published by Global Banking & Finance Review

Posted on October 30, 2026

2 min read

· Last updated: October 30, 2026

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Norway Invests $428 Million in Floating Offshore Wind Test Projects

Norwegian Government Backs Offshore Wind Innovation

COPENHAGEN, Oct 30 (Reuters) - Norway has granted 3.94 billion Norwegian crowns ($427.54 million) in support for two floating offshore wind test projects with a planned annual capacity of 0.3 terrawatt hours (TWh), Norwegian government agency Enova said in a statement on Friday.

Funding Recipients and Project Details

Grant Distribution

• Enova has granted Fortius Offshore Wind AS 2 billion crowns, and Fram Wind Solutions AS 1.94 billion crowns

Project Scope and Timeline

• Both plan to install two large offshore wind turbines with a capacity of 18.5 megawatts each, over the next five years

Expected Impact and Objectives

Energy Output

• Energy production will match the annual consumption of around 15,000 households

Technological Innovation

• The aim is to test and demonstrate new technology that can reduce the cost of generating energy from floating offshore wind

Potential for Large-Scale Deployment

• "If they succeed in making offshore wind technology profitable enough, it will be a major step toward faster, large-scale deployment of renewable power," Enova said

Additional Information

Currency Exchange Rate

($1 = 9.2156 Norwegian crowns)

(Reporting by Louise Rasmussen, editing by Terje Solsvik)

Key Takeaways

  • Enova supports early-stage floating offshore wind to drive cost reductions and scale deployment (part of a broader NOK 10 billion state aid scheme).
  • Norway leads globally in floating wind, with ~97 MW operational capacity and strong ambitions to expand to 30 GW by 2040.
  • The awarded pilots complement larger Utsira Nord 500 MW commercial projects under competitive tenders, reinforcing Norway’s strategic focus on floating offshore wind.

Frequently Asked Questions

How much funding did Norway grant for offshore wind test projects?
Norway granted 3.94 billion Norwegian crowns, or approximately $428 million, to two floating offshore wind test projects.
Which companies received support for the offshore wind projects?
Fortius Offshore Wind AS received 2 billion crowns and Fram Wind Solutions AS received 1.94 billion crowns.
What is the planned capacity for the offshore wind test projects?
The projects have a planned annual capacity of 0.3 terawatt hours (TWh).
What is the goal of the floating offshore wind test projects?
The goal is to test and demonstrate new technology that can reduce the cost of generating energy from floating offshore wind.
How many households could be powered by the energy generated?
The energy produced will match the annual consumption of around 15,000 households.

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