On Monday 13 February, the European Commission authorised €2.08 billion in French state aid to support offshore wind power generation off the coast of southern Brittany.
The measure will be implemented over a period of 20 years from the commissioning of the wind farm in 2028. The floating offshore wind farm supported by the measure (the first commercial project of its kind in France) is expected to have a capacity of 230-270 MW and produce 1 TWh of renewable electricity per year for 35 years.
The beneficiary of this measure will be designated in the second half of 2023.
The aid will be granted in the form of a variable monthly premium based on the model of a two-way contract for difference. When the market price is below the reference price, the beneficiary will be entitled to receive payments equal to the difference between the two prices. However, when the market price is above the reference price, the beneficiary will have to pay the difference between the two prices to the French authorities.
The measure will help France meet its target of producing 33% of its energy needs from renewable sources by 2030. The scheme is expected to reduce greenhouse gas emissions by 430,000 tonnes of carbon dioxide per year. (Original version in French by Lionel Changeur)