Equinor receives green light to build 200 MW floating wind farm in the Canary Islands

June 17, 2019
Owning the Energy Transition More...
by Patricia Seoane da Silva
Very important

The successor of the iconic Hywind project (30 MW) could become the world's largest floating wind installation upon completion. The project will require an investment of more than €860 million and is expected to be built in the Canaries Special Zone (EU's approved area of low taxation) starting this year – meaning that it could be operational as early as 2024. Although Equinor was an early leader in the space, its original design was capex-intensive (around $9/W) due to complex offshore assembly. Considering this limitation, clients should be skeptical of the dramatic cost reductions foreseen for the new project (around half the original value) if the company remains with its spar foundation design and should closely monitor this project.

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