EDP Renewables (EDPR) is leading a consortium that is investing €125 million over three years in a 25 megawatt floating offshore wind farm.
Europe’s second floating wind farm involves anchoring three turbines on semi-submersible platforms at depths of up to 100 metres about 20 kilometres off the coast of Viana de Castelo in northern Portugal.
The wind farm capacity will be enough to power 60,000 homes.
“This is an absolutely pioneering and innovative project for renewable offshore energy,” said EDP’s Chief Executive, António Mexia.
The consortium includes Repsol from Spain and has spent €23 million in the past two years on testing the ‘Windfloat’ platforms.
The European Investment Bank is providing €60 million in project funding.
EDP Renewables has 79.4% of the project; Repsol has 19.4% and Principle Power holds the balance of 1.2%.
The president of EDPR, João Manso, guarantees that the park will be operational, "by the end of next year."
Repsol's financial director, Antonio Lorenzo, said, "This pioneering project reflects Repsol's commitment to innovation and the energy transition. As a multi-energy supplier, the generation of electricity with low carbon emissions is a priority."
Meanwhile, Portugal's government continues to support the development of Portugal's on and offshore concession areas for oil and gas exploration.
