Offshore wind farm financing support to follow framework

The energy ministry, pressing ahead to finalize the legal framework for offshore wind farms, is concurrently working on a plan to secure financial support for the country’s first wave of investments in this sector.

The financial support plan is intended to cover both fixed-bottom and floating wind farm projects, while prospective funds are anticipated from the REPowerEU initiative as well as the island decarbonization fund, energypress sources have informed.

Authorities are looking to include a fixed-bottom offshore wind farm project that has already secured production permits as a pilot project linked to the REPowerEU plan.

Fixed-bottom offshore wind farm projects have already been tried and tested abroad, meaning they do not represent a financing risk in terms of technology and feasibility.

On the contrary, floating offshore wind farms are a technology making its first steps, globally. Any investment uncertainty will need to be eliminated before financing for this technology can go ahead.