Norway Pours $424M Into Floating Offshore Wind Development
October 30, 2026
Norwegian government agency Enova has awarded $424.5 million (NOK 3.94 billion) in funding to Fortius Offshore Wind and Fram Wind Solutions for two floating offshore wind projects that will see four large turbines installed off Karmøy over the next five years.
The projects will be developed at the METCentre floating offshore wind demonstration site in Rogaland, with Fortius Offshore Wind receiving $215.5 million (NOK 2 billion) and Fram Wind Solutions $209 million (NOK 1.94 billion), Enova announced on October 30.
Each project plans to install two floating offshore wind turbines with a capacity of 18.5 MW each, generating a combined 300 million kilowatt-hours of electricity annually, equivalent to the annual consumption of approximately 15,000 households.
The funding will be disbursed if the projects are implemented.
The installations will be used to test and demonstrate technologies aimed at reducing the cost of floating offshore wind energy, including floating foundations for large turbines, mooring systems and methods for constructing and operating the installations.
The projects were selected through a competitive process that considered energy generation relative to funding, the potential for wider technology adoption, carbon footprint, biodiversity impacts and prospects for reducing future costs.
“If they succeed in making offshore wind technology profitable enough, it will be a major step toward faster, large-scale deployment of renewable power. Both Norwegian industry and the transport sector need this to reduce their climate emissions,” said Evy Glørstad, CEO of Enova.
According to a report prepared by Enova for Norway's Ministry of Energy earlier in 2026, market participants estimate that a successful global rollout of floating offshore wind could reduce generation costs to as little as NOK 1 per kilowatt-hour.
The funding comes amid growing international investment in floating offshore wind, particularly in Europe and Asia, with France and the United Kingdom among the countries advancing projects through tenders and development areas.
