FPP secures tax credits for offshore floating wind and wave project off Canary Islands

Floating wave power

Floating Power Plant (FPP) has secured €17.65 million (US$21.3 million) in R&D tax credits for an offshore floating wind and wave project at the Oceanic Platform of the Canary Islands (PLOCAN).

The Spanish Tax Agency has approved he initial three years of anticipated expenses associated with FPP’s demonstrator project, currently in development, as qualifying for the country’s R&D tax credit program.

“This is a major milestone in the realization of the project, for which design and development are well under way. The security of knowing that the planned project is eligible for this support allows us to progress with confidence towards the final investment decision planned for later this year,” said Chris McConville, FPP general manager.

The demonstrator will have a total capacity of 5 MW from a combination of wind and wave power and is expected to be in operation for up to 10 years. This will be the world’s first multi-megawatt hybrid floating wind and wave energy system, according to a press release.

As well as validating the performance of the hybrid system, the FPP Canarias project will provide a center for future developments — such as trialing new sensors, control algorithms or materials — prior to their use on commercial units.

The project will also receive revenue from the power generated, which will be delivered to the grid in Gran Canaria.

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