France marches on by awarding two new floating sites in AO6, the first in the Mediterranean Sea

January 14, 2025
 | 
2 min read
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2024 had some great news for floating wind with multiple large-scale floating projects securing a route to market across France, the UK and South Korea:

🔹Pennavel project in France (250 MW) by Elicio and BayWa r.e. Global, 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, the largest floating project to receive an offtake contract to date. Awarded in December 2024.

Additionally, shortly before the year ended, France announced the winners of its sixth allocation round (AO6), awarding two more floating sites, which marks the first allocation of floating projects in the Mediterranean Sea:

🔹Gulf of Fos 1 (250 MW) by EDF and Maple Power

🔹Narbonnaise 1 (250 MW) by OW Ocean Winds and Banque des Territories

With this award, France also continues the trend of low CfD strike prices. But how do the awarded projects compare, and what lies ahead?

At Aegir Insights’ we have published a new analysis, available to our clients, diving into the winning floating projects the AO6 in France, assessing how the deals compare to AO5, and giving an outlook for the coming AO9.

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.


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