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Source Galileo Norge secures €175M funding from Norwegian state for floating offshore wind project

March 12th 2024
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We are delighted to announce that our team in Norway has secured funding from the Norwegian government to part-finance the development of our Goliat offshore wind project close to the Arctic Sea.

Enova, a €3 billion climate and innovation investment fund owned by the Norwegian state, announced this week it has awarded €175 million to the Goliat floating offshore wind project, which we are developing in partnership with The Kansai Electric Power Co. and Odfjell Oceanwind, 

Goliat FPSO
An illustration showing the Goliat FPSO powered by floating offshore wind turbines. Photo courtesy Odfjell Oceanwind

The Goliat offshore wind farm has a water depth of 3-400m and is located northwest of Hammerfest in the Barents Sea. The project will comprise of five floating turbines with an overall power capacity of 75 megawatts (MW) and will be used as a demonstration project to prove the commercial viability of floating offshore wind technology. 

The energy produced by the floating wind farm will be used to power the enormous Goliat oil platform, which is owned by two Norwegian energy companies, Equinor and Vår Energi. 

“Norway has shown how a small western European country can successfully position itself to take a leading role in a fast-developing energy market. We are proud of our Norwegian colleagues and of the Norwegian authorities for their far-sighted leadership”

Kevin Lynch, CEO of Source Galileo

Andreas Bjelland Eriksen, the Norwegian climate and environment minister, said floating offshore wind is a key part of the country’s renewable energy plans over the coming decade. 

“We have a great need for more renewable power and at the same time limited available areas on land. Through this award, Enova contributes to demonstrating new solutions, so that floating offshore wind can become a competitive alternative in the future. In addition, the project will strengthen the Norwegian supply chain for offshore wind and strengthen the power balance,” Eriksen said. 

For media inquiries, please contact: 

Gina Cassidy 

Chief Operations Officer 

Source Galileo Ltd 

Gina.Cassidy@sourcegalileo.com 

+353 (0)87 8326699