The European Investment Bank will now provide a EUR 60 million loan to Portuguese company Windplus for the wind farm.
The project is located about 20 km of Costa Viana do Castelo, Portugal and is currently being constructed, with its operation date set in 2019.
It has three 8.4 MW MHI Vestas turbines and the largest wind turbines on a floating foundation at sea.
Recently, Windplus and DNV GL carried out an independent energy yield assessment, along with a technical due diligence regarding all aspects of the floating offshore wind farm. The study focused on the risks associated with this technology.
According to DNV GL's Energy Transition Outlook, until 2050, energy from renewables will meet 50% of our energy needs. In addition, increased electrification of energy demand, along with the rise of wind and solar energy, will grow the world’s electricity transmission and distribution systems.
What is more decarbonisation will be a key sector to focus to. With energy mix rapidly decarbonizing, coal has peaked, while oil is expected to peak in 2023. These developments will make natural gas the largest single source from 2026.
Despite this positive developments however, we are on course to fail the Paris Agreement goals, but the affordability of the energy transition is the silver lining and it gives hope that things will eventually change.