FPP secures tax credits for 5-MW floating wind-wave energy demo off Spain

FPP's floating platform. Image courtesy of Floating Power Plant A/S

April 29 (Renewables Now) - Floating Power Plant A/S (FPP), a Danish company developing a platform for floating wind and wave energy, has secured R&D tax credits from the Spanish tax agency to finance a 5-MW hybrid demonstrator off the Canary Islands.

The tax credit totals just over EUR 17.6 million (USD 21.3m) and covers the initial three years of anticipated expenses associated with the demonstration project, FPP said.

The project design and development are underway, with FPP planning to take the final investment decision later this year.

The wind-plus-wave power hybrid will be in operation for up to ten years, floating at the test site run by the Oceanic Platform of the Canary Islands (PLOCAN).

The project will collect revenues for the electricity it exports to the grid of the Gran Canaria island.

FPP’s floating platform can hold a 4-MW to 15-MW turbine and is equipped with wave absorbers for additional 2-3.6 MW of wave power. According to the developer, the platform is also capable of storing electrolysers, hydrogen storage and fuel cells.

(EUR 1.0 = USD 1.212)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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