The amount the government will pay will offset the impact of the cable cost on electricity tariffs.
The Windfloat Atlantic, is a project for an offshore wind farm estimated at a cost of €125 million, coordinated by Portugal’s Electricity utility, EDP, through EDP Renewables, and which includes the technological partner Principle Power, Repsol, venture capital Portugal Ventures and metallurgical A. Silva Matos.
The decision, taken in the Council of Ministers, will be in force “for a period of 25 years, so as not to burden the consumer”.
In a statement, the Government explains that the “contribution concerns the value of the investment not co-financed by European funds, relating to the construction, maintenance and operation of the submarine cable that ensures the connection between offshore wind production, and the public electricity network”.
The three turbines that make up the wind farm will be mounted on floating platforms anchored on the seabed and will together have an installed capacity of 25 MW (megawatts), equivalent to the energy consumed by 60,000 homes per year.
WindFloat Atlantic uses “state-of-the-art” technology, provided by Principle Power, which will allow the installation of floating platforms in previously inaccessible deep waters, with abundant wind resources.
The wind farm will be located 20 kilometres off the coast of Viana do Castelo, in an area where the water depth reaches 100 metres.
The project is supported by public and private entities and is financed by the European Commission, the Portuguese government and the European Investment Bank.