French €4.12bn to support floating offshore wind granted EU approval

Posted at December 11, 2023 » By : » Categories : News » Comments Off on French €4.12bn to support floating offshore wind granted EU approval

A €4.12 billion (£3.5bn) French scheme to support the rollout of offshore wind energy has been granted approval by the European Commission.

The state aid will support the construction of two floating offshore wind farms in the Gulf of Lion and will run for 20 years.

Each wind farm is expected to have a capacity of 230MW to 280MW and generate around 1.1TWh of renewable electricity per year.

The measure will be open to two beneficiaries, to be designated in 2024 and selected through a bidding process.

The aid will take the form of a monthly variable premium, under a two-way contract for difference (CfD).

Commissioner Didier Reynders, in charge of competition policy said: “This €4,12 billion scheme will allow France to accelerate the deployment of renewable offshore wind capacities, in line with the EU’s Offshore Renewable Energy Strategy.

“The scheme will also help France reduce its dependence on Russian fossil fuels, in line with the REPowerEU Plan, while ensuring that any potential competition distortions are kept to the minimum.”

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