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(Bloomberg) — Denmark is offering 27.6 billion Danish kroner ($4.2 billion) in state aid to ensure more investments in offshore wind as the Nordic country attempts to reignite interest after a recent failure of a government tender.
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In a broad-based political agreement, the government said three offshore projects with a combined capacity of 3 gigawatts will be put up for bids, according to a statement from the energy ministry on Monday.
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Denmark — home to some of the world’s largest wind energy companies — in December received no bids in its largest-ever sale of rights to develop turbine farms, a major blow to European efforts to boost renewable energy and slash fossil-fuel demand. That tender didn’t offer subsidies, unlike the one presented on Monday, which will also include insurance worth as much as 55.2 billion kroner.
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The industry was hit hard by soaring costs when inflation took off a couple of years ago, stunting returns for investors who also face the prospect of zero or negative market prices on the windiest days for projects without subsidies or fixed prices.
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“On a global level, there have been bumps on the road in getting offshore wind up in recent years, and therefore we’ve agreed that the state will lend a helping hand to the projects if necessary,” Lars Aagaard, Denmark’s energy minister, said in the statement.
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If built, the three parks will more than double Denmark’s current offshore wind capacity and the government expects that companies bidding will have to invest a total of 57 billion kroner.
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The tender will start in the autumn of 2025, the ministry said. Two parks will have a deadline for construction in 2032 and the third one in 2033.
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