- Press Releases
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)