EU supports floating wind farm in Portugal with €60 million loan

The loan, which is supported by the European Commission under the Horizon 2020 research and innovation programme, will serve to install a first-of-its-kind offshore floating wind farm. Located 20km off the coast of northern Portugal, three wind turbines that sit upon floating platforms can flexibly adjust to the wind condition and direction and thereby maximise the efficiency in energy production. Carlos Moedas, Commissioner for Research, Science and Innovation, said: “Today's deal is another example of how EU financing is helping to lower the risk of rolling out innovative energy solutions like WindFloat. We need breakthrough technologies to accelerate the clean energy transition in Europe and lead the global fight against climate change. This will ultimately improve the quality of life and create new jobs and economic growth for citizens.” The wind farm will have an installed capacity of 25 megawatt, equivalent to the energy consumed by 60.000 homes over the course of a year. A shift to clean energy is a shift to a modern and competitive economy. This was reaffirmed only two days ago when the Commission and Bill Gates-led Breakthrough Energy launched a €100 million investment fund for clean energy. WindPlus receives today's loan from theInnovFin programme – a financial instrument for innovative firms under the EU's research and innovation programme Horizon 2020 and the EIB group. The company will additionally benefit from €29.9 million from the EU's NER300 programme, and up to €6 million from the Government of Portugal, through the Portuguese Carbon Fund. More information will be available in a joint press release and an infographic after the signature at 2pm.