Novocastrian floating offshore wind project

cancelled

The 2-GW Novocastrian floating offshore wind project in Australia, a partnership between Oceanex and Norway's Equinor, will not proceed with the feasibility licence offered by the Australian government. The project is located off the coast of New South Wales' Hunter region and was the only party offered a feasibility licence in the Hunter zone. The decision reflects broader global challenges in the offshore wind industry and project-specific factors. Oceanex expressed disappointment with the decision by Novocastrian Wind Pty Ltd not to accept the licence. Equinor invested in the project in late 2022. The licence was the first offshore wind rights offered in the Southern Hemisphere for floating foundation technology. The decision comes after Equinor pulled out of a 1.5-GW offshore wind project in Tasmania. The Australian government is releasing new guidance for Research and Demonstration licences to allow development and testing of offshore renewable energy technology in declared offshore zones, with the Hunter offshore wind zone remaining ripe for investment.