Wind

Norwegian offshore wind ambitions in peril as another player quits floating contest

The Utsira Nord tender provides a benchmark for Norway's floating offshore wind ambitions, but global economic forces have not been kind

Norway is brimming with technology and expertise for floating offshore wind, such as Stiesdal Offshore's TetraSpar demonstrator, shown here, but developing offshore wind farms poses challenges
Norway is brimming with technology and expertise for floating offshore wind, such as Stiesdal Offshore's TetraSpar demonstrator, shown here, but developing offshore wind farms poses challengesPhoto: Stiesdal Offshore
Senior Correspondent
One day after Norwegian utility Statkraft said it will drop out of the country's flagship floating offshore wind tender, a similar move by Corio Generation has raised serious questions about Norway's ability to stage a competitive tender.

Corio's decision did not come as a surprise to the sector — its owner, investment giant Macquarie, has reportedly been looking for a buyer for an offshore wind developer that rapidly accumulated a 30GW portfolio in diverse countries — and rumours of a withdrawal from Norway's Utsira Nord tender have been circulating since April.

But the decision to withdraw was Not welcomed by A Energi, Corio's partner on a proposed bid for Utsira Nord, according to a report by Europower, a sister publication of Recharge.
"As a result of Corio Generation's strategic review of its offshore wind portfolio, we are now without a partner in the Utsira Nord competition," an A Energi spokeperson reportedly told Danish outlet EnergyWatch.

Corio’s dramatic rise as a leading offshore wind player came just as global forces of cost inflation, supply chain constraints and rising capital costs – began to bite and it has struggled to push ahead with its projects as fast as planned.

Macquarie's efforts to find a buyer for the company have also run into the turmoil in global markets caused by Donald Trump’s tariffs and his assault on offshore wind in the US.

Ambitious plans

Norway has ambitious plans for floating wind, partly due to a policy thrust toward adapting its world-leading offshore oil and gas supply chain to a clean energy industry, but efforts to foster offshore wind in domestic waters have faltered.

The Utsira Nord tender was delayed for over a year while Norway repeatedly postponed its launch to clear the support process through ESA, the body that supervises Norway’s membership of the European Economic Area, under the jurisdiction of EFTA, European Free Trade Association.

The tender will offer the first of three 500MW tranches in the Utsira Nord area on 15 September, and is the only one of the three that offers some state funding support.

The auction will make up to NKr35bn ($3.34bn) in state aid available after a so-called maturation phase.

To participate in this second phase, bidders must have submitted a license application and provided a bank guarantee. The bidder with the lowest bid will win.

On Thursday, however, Statkraft announced its own decision to pull out of the tender as part of a new cost and job-cutting strategy, signalling that it will not invest in any new offshore wind projects.

(Copyright)

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Published 20 June 2025, 08:22Updated 20 June 2025, 08:39
NorwayUtsira NordStatkraftCorio GenerationOffshore