Wind

Equinor seals deal to join Australian pioneer Oceanex for gigascale floating wind push

Norwegian giant completes agreement with local developer to advance trio of projects off New South Wales

New South Wales is home to Sydney, Australia's most populous city
New South Wales is home to Sydney, Australia's most populous cityFoto: Shutterstock

Norway’s Equinor has finalised its investment in floating wind projects off New South Wales, Australia, joining local developer Oceanex to advance a gigascale portfolio there.

The oil & gas group – a pioneer of floating wind in Europe – will work with Oceanex on the Novocastrian, Illawarra and Eden projects under a partnership first announced in August and subsequently approved by Australia’s Foreign Investment Review Board, clearing the way for the deal’s completion.

Andy Evans, CEO of Oceanex and a pioneer of Australian offshore wind, said: “Our partnership is a great example of a global leader working with a local partner to develop a critical industry for NSW and Australia

“Activities will ramp up significantly from now. The potential of floating foundation offshore wind energy off the coast off NSW is incredible, and we plan to accelerate quickly to become a leader in the space like Scotland, South Korea, and California who are setting the pace.”

For Equinor, the investment marks the latest stage in a global floating wind adventure that began with a single turbine off its home shores in Norway in 2009 and now encompasses ambitions as far afield as the US west coast and South Korea.

Thomas Hansen, senior director for offshore wind in Australia for Equinor said: “New South Wales is a promising market for the deployment of floating offshore wind given the proximity to load centres and industrial offtakers, the evolving energy mix, strong transmission infrastructure, and industrial capabilities.”

Australia’s government is in the process of formally marking areas off the nation’s coast – including New South Wales – as designated offshore wind development zones. Once that is in place, Oceanex and Equinor will press ahead with applications for feasibility licences for the floating projects, which between them aim by the end of the decade to offer a multi-gigawatt power source to New South Wales, home to Australia’s largest city, Sydney.

As launch CEO of the Star of the South project off the state of Victoria – set to be nation’s first in the water – Evans played an early role in sowing the seeds of an Australian offshore wind sector that now encompasses a roll-call of international players.

Oceanex is working on a total portfolio off Australia and New Zealand with a 10GW-plus potential.

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Published 2 December 2022, 08:54Updated 2 December 2022, 09:12
floatingAustraliaAsia-PacificEquinorOceanex Energy