BW Offshore Secures $1.94 Billion Grant for Floating Wind Project

BW Offshore, a leading provider of innovative floating production solutions, has received formal confirmation of a $1.94 billion grant from Enova. The grant supports a significant project based on two 18.5 MW floating wind turbines, the largest in the world, with a combined capacity of 37 MW. This project utilizes BW Ideol’s patented Damping Pool floating foundation, which is already in operation offshore. The 30 MW EolMed floating wind farm in France has been generating electricity since May 2026, with all three 10 MW turbines installed on BW Ideol’s patented foundations.

The grant is a testament to BW Offshore’s floating wind solution and will enable the company to deploy BW Ideol’s technology on the next generation of turbines, moving floating offshore wind to commercial scale. The project is a result of a joint venture between BW Offshore, Grieg Kapital, and Fram Green Technology, each holding a 50%, 35%, and 15% stake, respectively. Enova, a state enterprise owned by the Norwegian Ministry of Climate and Environment, aims to contribute to meeting Norway’s climate commitments and promoting effective climate and energy transition measures.

The project will require the final investment decision (FID), securing financing, and entering into key supplier agreements within 24 months of the grant’s award. With around 900 employees, BW Offshore is a publicly listed company on the Oslo stock exchange. The grant underscores the company’s commitment to advancing the commercial viability of large-scale floating wind developments, aligning with its mission to create tailored offshore energy solutions for evolving markets worldwide.