Floating offshore wind is one of the fastest-growing technologies leading the green energy transition in the world. The floating offshore wind projects are in the initial stage of establishing 232 MW capacity, and with further innovative ideas in the industry set to generate around 12.3 GW of clean energy by 2030. Harnessing wind energy from deep waters can support the energy needs of millions of homes and increase energy efficiency globally.

Floating offshore wind technology has a promising future in the windy regions of Europe, the Americas, Asia, and the Mediterranean. The United Kingdom as the forerunner of the offshore wind farms has established the largest floating offshore wind farm in the world, Hywind Tampen. Further support to boost the port infrastructure, reduced cost of energy, supply chain, and government initiatives play an important role in making floating offshore a leading replacement for fossil fuels.

The floating wind turbines with higher capacity and floating structures having more stability make the floating offshore more reliable for investments. Here we explore the list of the top seven upcoming floating offshore wind farms in the world according to project value. 

Upcoming Floating Offshore Wind Farms In the World

Floating offshore wind can achieve significant cost reductions compared to traditional bottom-fixed installations. It can be achieved by harnessing the wind energy from a deep ocean with more than 60 meters of water depth. This opens doors for new businesses, strengthens export opportunities, and creates local jobs throughout the supply chain around the world. Here we explore the top seven upcoming floating offshore wind farms around the globe.

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Arven Floating Offshore Wind Power Plant

Scotland's commitment to a clean energy future takes a giant leap forward with the Arven Offshore Wind Farm. Planned for the North Sea, this ambitious project will have a capacity of 2.3 GW, positioning it as a pilot project in wind power with cutting-edge floating offshore wind turbine technology.

Currently, in the permitting stage, Arven is a collaborative effort between industry leaders: Mainstream Renewable Power (50%), EDP Renovaveis (25%), and Engie (25%). Construction is expected to start in 2026, with commercial operation targeted for 2030.

The project carries an estimated value of USD 3.5 billion. Spanning a vast 360 square kilometers, Arven will utilize innovative floating foundations for its turbines. This technology unlocks the potential of capturing wind energy in deeper waters, potentially maximizing the overall efficiency of the wind farm. Once operational, Arven is projected to generate enough clean energy to power 2 million households and offset a substantial 3 million tons of carbon dioxide emissions annually.

Kultje Floating Offshore Wind Power Plant

The Kultje Floating Offshore Wind Power Plant is a 2.1 GW project planned for the Baltic Sea, off the coast of Gotland, Sweden. Currently in the announced stage, this single-phase project is expected to begin construction in 2025 and reach commercial operation by 2029. Once operational, it's estimated to generate a significant 11,000 GWh of electricity annually.

Notably, the project will utilize floating offshore wind turbines, allowing for wind energy capture in deeper waters and potentially maximizing efficiency. The development is a collaborative effort between Aker Offshore Wind Holding, a Norwegian company, and Hexicon AB, a Swedish company known for its expertise in floating wind turbine platforms. The project value is estimated to be USD 3.2 billion upon completion.

Linosa Floating Offshore Power Plant

The Linosa floating offshore wind project will be developed by Acciona Energiain in the Strait of Sicilia, Italy with a capacity of 1.02 GW. The Linosa project will consist of 68 floating turbines located 36 kilometers northeast of the island of Linosa. This strategic placement will allow the project to harness strong winds in the area and contribute significantly to Italy's renewable energy goals.

This project will be the largest among the five proposals submitted for maritime state concession in Italy. The project value is estimated to be USD 3 billion. The floating foundations utilize a four-arm design instead of the traditional single mast, aiming for a lighter structure and improved load distribution. This can potentially reduce installation and maintenance costs while allowing the floating turbines to naturally adjust their position for optimal wind capture.

Bellrock Floating Offshore Wind Power Plant

The Bellrock Offshore Wind Project, a 1.2 GW in the North Sea, east of Aberdeen, Scotland, is poised to be a game-changer for renewable energy. Developed by a joint venture between BlueFloat Energy and Renantis UK, this project is for Scotland's ambitious target of achieving net zero emissions by 2045.

Currently awaiting permits, construction is expected to kick off this year with commercial operations targeted for 2028 with an estimated project value of USD 1.8 billion. Bellrock promises to be a clean energy powerhouse, capable of supplying electricity to over 1.1 million homes.

Standing tall across a vast 280 square kilometers, Bellrock will use floating wind turbine technology. By utilizing floating foundations, the project can harness wind energy in deeper waters, previously inaccessible to traditional methods. This innovative approach aligns perfectly with the Scottish government's plan to establish a robust 11 GW offshore wind capacity by 2030.

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Ayre Floating Offshore Wind Power Plant

Scotland is taking a big step towards clean energy with the Ayre and Bowdun Offshore Wind Farms, a large-scale project by Thistle Wind Partners (TWP). Each wind farm will boast a 1 GW capacity, generating enough electricity to power 2.4 million homes upon completion. The total project cost is estimated at USD 1.5 billion.

Currently, the projects are undergoing environmental impact assessment and planning. A final investment decision is expected in 2028, with construction starting in 2029 and completion targeted for 2033. The Ayre wind farm will be a floating wind farm located east of Scotland, while the Bowdun project will use fixed foundations off the coast of Aberdeen. This dual approach showcases Scotland's commitment to both cutting-edge floating wind turbine technology and established fixed-foundation methods, solidifying its position as a leader in renewable energy solutions.

Broadshore Floating Offshore Wind Power Plant

The Broadshore floating offshore wind farm, a 900 MW project, is a joint effort between BlueFloat Energy and Renantis UK (50/50 stake). Currently awaiting permits, construction is expected to kick off in 2024 with an ambitious target of commercial operation by 2028. The estimated project cost is USD 1.35 billion.

Spanning a vast 134 square kilometers, floating offshore platforms allow Broadshore to harness wind energy in deeper waters, potentially maximizing its overall efficiency. Upon completion, the project is poised to be a significant contributor to Scotland's clean energy goals.

Nao Victoria Floating Offshore Wind Power Plant

Nao Victoria Floating Offshore Wind Power Plant is built by IberBlue Wind, Irish energy company Simply Blue Group, and Spanish entities Proes Consultores and FF New Energy Ventures. The project will be located 15 to 35 kilometers off the coasts of Granada and Almeria and will have a capacity of 990 MW. The project value is estimated to be USD 1.2 billion.

The Nao Victoria will consist of up to 55 wind turbines, each with a capacity of 18MW, and is expected to generate clean energy for over 670,000 households upon completion. This eco-friendly initiative aligns with the Spanish government's goal of achieving 1GW to 3GW of installed offshore wind energy by 2030. The wind farm is expected to create over 3,300 jobs during the development, construction, and operation phases. IberBlue Wind has submitted the initial project document outlining the technical details to the relevant ministry for approval.

Floating offshore wind farms around the globe

Hywind Scotland project, located off the coast of Scotland, became the world's first commercially operational floating wind farm in 2017. In the Mediterranean Sea, France is leading the charge with the Provence Grand Large pilot project nearing completion and NextFloat demonstrating a deep-water solution. Additionally, a 30-MW project by TotalEnergies and Qair is nearing production, and Italy is developing a massive 2.8 GW project. Technological advancements are coming from X1 Wind's PivotBuoy prototype and Odfjell Oceanwind's Deepsea Semi foundation design. 

South Korea is also a hub for floating wind with a partnership between TotalEnergies and Macquarie's Green Investment Group planning multiple projects exceeding 2 GW in total capacity. The 1,000-MW Korea Floating Wind project is another major development, and Japanese companies are even getting involved with cost-reduction efforts. Finally, the US is showing initial interest in the state of Maine proposing a research array off its coast and the Department of Energy's Floating Offshore Wind Shot initiative aims to accelerate the cost reduction and deployment of floating offshore wind energy in the US.

What is the future of floating offshore wind?

Floating wind technology offers a promising future for harnessing wind energy development in deep waters, where traditional fixed-bottom turbines are not feasible. This opens up vast amounts of clean energy potential, as around 80% of the world's offshore wind resources lie in these deeper areas. However, large-scale implementation of floating wind farms necessitates robust ocean energy management strategies. The market for floating wind energy is expected to experience significant growth, with forecasts predicting an installed capacity of 38.7 GW by 2035.

Europe is expected to lead the market share, holding around 50% by 2035, with South Korea, the US, and the UK also emerging as major players. Notably, the focus on cost is expected to shift beyond just Levelized Cost of Energy (LCOE). Governments are recognizing the broader social, economic, and environmental benefits of floating wind energy, such as job creation, reduced emissions, and minimal visual impact on coastlines.

Conclusion

The floating offshore wind farms are gaining momentum, with various ambitious projects underway. These projects, with capacities ranging from 900 MW to 2.3 GW, are set to revolutionize the renewable energy sector by harnessing wind energy from deep waters. The innovative technology and collaborative efforts between industry leaders are driving significant investments in these projects, aiming to generate clean energy to power millions of households and contribute to reducing carbon emissions. The future of floating offshore wind projects looks promising, with forecasts predicting substantial growth in installed capacity by 2035, positioning countries like Europe, South Korea, the US, and the UK as key players in this emerging industry.

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