EFTA Surveillance Authority

07/10/2024 | Press release | Distributed by Public on 07/10/2024 07:21

ESA approves budget boost for Norwegian aid scheme for floating offshore wind

The EFTA Surveillance Authority (ESA) has approved a budget increase for a Norwegian aid scheme supporting investment in floating offshore wind. The changes to the scheme were notified following a simplified procedure on 13 June 2024.

The scheme was originally approved by ESA in 2023 and set to run through 2025. It aims at developing renewable energy production by supporting investments in floating offshore wind. This comes in response to the climate crisis and the growing need to increase production of renewable energy due to the increase in energy prices following Russia's aggression against Ukraine.

The Norwegian authorities intend to increase the total budget of the scheme from NOK 4 billion (EUR 350 million) to NOK 10 billion (EUR 877 million). The scheme remains otherwise unchanged.

ESA's decision can be found here.