Xodus Group has launched a three-year collaborative research project on the costs around floating offshore wind.
The Improving the Bankability of Floating Offshore Wind Projects study, led by Xodus through the IDCORE program, is a collaborative partnership between the Universities of Edinburgh, Strathclyde and Exeter, as well as the Scottish Association for Marine Science (SAMS).
According to Xodus, the project will be key to ensuring floating wind can be a serious contender in the energy mix going forward and will result in a tool designed to assist in key decision making for projects.
It will create guidance to assist with project finance decision making and to reduce uncertainties in floating offshore wind energy yield assessments.
The study is expected to tackle the challenges and risks that developers have in acquiring finance for projects and develop a methodology to use floating LiDAR data for bankable energy yield assessments.
To enable the best industry outcomes, Xodus is issuing an open call to developers and technology suppliers to engage from the outset.
“It’s important for us to be investing in future skills that the industry needs,” said Scott Hamilton, Renewables Division Manager at Xodus. “We are openly inviting developers to engage with us on this project from the outset, and we expect the outcomes to provide much needed innovative research in this area and deliver benefits to the wider wind industry.”