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French EUR 4.12 Billion Floating Wind Tender for 2024

4C Offshore | Mark Casey
By: Mark Casey 08/12/2023 European Commission
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The European Commission has given France the green light to support the construction and operation of two floating offshore wind farms in the Gulf of Lion with EUR 4.12 billion, which will be awarded through a tender the French government is expected to launch next year.

The two floating offshore wind farms supported by the measure will be among the first commercial projects of this kind in France. Each farm is expected to have a capacity of 230 to 280 MW, and to generate 1,1 TWh of renewable electricity per year.

This measure will be open to two beneficiaries, to be designated in
2024 and selected through a transparent and non-discriminatory bidding process. Under this scheme, the aid will take the form of a monthly variable premium under a two-way contract for difference (“CfD”), which will be calculated by comparing a reference price, determined in the tender offer of the beneficiary, as well as by the market price for electricity.

When the market price is below the reference price, the beneficiary will be entitled to receive payments equal to the difference between the two prices. However, when the market price is above the reference price, the beneficiary will have to pay the difference between the two prices to the French authorities.

“This €4,12 billion scheme will allow France to accelerate the deployment of renewable offshore wind capacities, in line with the EU’s Offshore Renewable Energy Strategy.” said Commissioner Didier Reynders, in charge of competition policy
.

For more information about offshore wind farm projects across the globe, click here.

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