Offshore wind in Europe
© gettyimagesThe initiative is part of Innovation Norway’s High Potential Opportunities (HPO) program that aims to help Norwegian companies win large, international contracts. It aims to strategically position Norwegian contractors and suppliers in the offshore wind markets in France, Portugal/Spain, Germany, the UK, Poland and Denmark.
Major projects
European countries have set ambitious targets for renewable energy, with offshore wind playing a crucial role. Currently, 23 new offshore wind parks are being constructed in Europe and set to be operational within the next three years. This presents a significant opportunity for Norwegian companies to secure major contracts. France, for example, aims to install 40 GW offshore wind capacity by 2050, and finished the construction of their first offshore wind farm in 2022. Six bottom-fixed commercial offshore wind farms and three floating pilot farms are under construction. From 2025, the French authorities will offer licenses for a total of 2 GW per year for either bottom-fixed or floating offshore wind capacity. Norwegian companies can bid for these licenses or position themselves as subcontractors to the chosen contractor.
The offshore wind sector in Norway has the potential to add NOK 24 billion to the GDP and create 36,000 new jobs by 2030, according to recent estimates by McKinsey. The growth is expected to come primarily from offshore wind initiatives in the North Sea, but participating in the broader European and global offshore wind market could offer substantial economic prospects for Norwegian developers and suppliers.
According to the Global Wind Energy Council (GWEC), the offshore wind industry in Europe is expected to have a double-digit growth rate towards 2030, with a significant increase in the market in 2026. To take advantage of this growth, it is crucial for Norwegian companies to increase their involvement and work together to secure important contracts for offshore wind projects in Europe. The analyst agency Menon believes that with the right investment and initiatives, Norway could capture up to 20% of the global market for floating offshore wind farms. This initiative could generate a value of NOK 117 billion and jobs equivalent to almost 130,000 FTEs.
Norwegian solutions
Norway's extensive experience in the petroleum sector provides us with a distinct advantage in steering the course of offshore wind development. Our history as early adopters of innovative technologies positions us strongly to excel in international tender competitions. Several Norwegian companies and organizations have expressed keen interest in participating in the European offshore wind initiative. Among these, some companies specialize in providing critical components such as subsea cables, innovative floating solutions, and foundations. Other companies contribute their expertise in areas encompassing design, engineering, installation, support, maintenance, and inspection. In addition, Norwegian shipyards play a key role in constructing specialized vessels tailored to the installation and maintenance of offshore wind farms.
Our European offices have worked with leading energy company Equinor, and the technology companies Orgio Solutions, Geoprovider and OSC on offshore wind projects, among others. Additionally, our office in Spain has been working closely with NORWEP and the Norwegian Offshore Wind Cluster to assist several companies within the HPO projects for offshore wind in Europe.
The project for exporting offshore wind technology to Europe will run for six years, from 2020 to 2026.
Team Norway
HPO projects bring together Norway’s entire business support system and other members of «Team Norway». Norwegian companies receive help from Innovation Norway’s regional and international offices, embassies, Export Finance Norway, NORWEP, chambers of commerce, relevant clusters and other partners as needed.
Team Norway provides customized services tailored to market opportunities and business needs. These services range from political dialogue, financing, networking, marketing, and individual advisory services. The contributors to offshore wind projects in Europe include:
- The Norwegian Embassies in relevant markets
- NORWEP in Norway and local market consultants
- Eksfin in relevant markets
- Norwegian clusters focusing on offshore wind
- Chambers of Commerce in relevant markets
- Innovation Norway’s offices in European countries
- Innovation Norway’s regional offices in Norway, including financial advisers and the EU Team
Innovation Norway will utilize its experience and partnership models in this offshore wind HPO to further strengthen Norwegian exporters’ chances in other offshore wind markets.
We invite interested companies to get in touch to learn more about the opportunities for participation in the HPO project. The project manager is Erik Rindvoll.
