With 2024 drawing to a close, we end the year with great news for floating wind: End of last week the results of South Korea’s yearly offtake auction for offshore wind were published, announcing that the world’s first large-scale commercial floating project has secured a route to market.
This is huge news and exactly what the floating industry has been waiting for. It brings hope to the floating build-out and shows a willingness to pay from several governments for the build-out of floating technologies.
As 2024 comes to an end, these are the three large-scale floating projects that have been awarded this year and are expected to come online in the early 2030s:
🔹Pennavel project in France (250 MW) by Elicio and BayWa, awarded in May 2024
🔹Green Volt project in the UK (560 MW) by Vårgrønn and Flotation Energy, awarded in September 2024
🔹Firefly project in South Korea (750 MW) by Equinor, awarded last week. The Firefly project is the largest commercial floating wind project to receive an offtake contract to date. This marks a significant step for South Korea towards a global leading position within floating offshore wind.
The commitment by the governments of South Korea, UK and France deserves credits as they are putting money behind the development and commercialization of floating.
At Aegir Insights, we continuously cover developments in floating wind. Aegir Insights’ clients have access to a project database and high-quality market forecasts based on our extensive industry experience in market and project development.
Reach out to us here to learn more.
AO5 analysis
At Aegir, we published an Insights piece, after the results of the French AO5 tender, modeling the developer bids and analyzing different project return scenarios where the winning strike price could become feasible and what message these results send to the floating sector as a whole.
Our modeling takes different scenarios into consideration:
🔹Aggressive turbine pricing from new Chinese entrant?
🔹Lower investment hurdle rates to gain early foothold?
🔹Cost saving potential for a 2031 project delivery?
Request to receive a complimentary copy of this insights piece here.
Aegir Newsletter: Stay up-to-date with developments in offshore wind and new analysis by Aegir Insights
Delivered straight to your inbox, Aegir Insights' intelligence newsletter will sharpen your market insight. Get exclusive analysis on key markets, developments and technologies shaping offshore wind.