Floating Offshore Wind Energy – Brief Review of Prospects, Project Development Life Cycle, Policy and Technology Challenges and Project Management Complexity

Abstract

Interest in Floating Offshore Wind Farm (FOWF) is regaining momentum as countries and energy producers vie for economic and innovative solutions to decarbonize products and operations with net zero targets in perspective. Typically tapping offshore wind is costlier in comparison to land based solutions, despite the flexibility it offers due to remote operations away from populated areas. Floating wind farms offer an attractive mix of flexibility and cost effectiveness by eliminating the need for large supporting structures and enabling further deep-sea installations and access to stronger winds. While floating wind turbine technology is promising, it needs further maturation along with favorable policy implementation on the part of regulators to make floating wind farms attractive to operators/investors. This paper investigates Technology, Project Management challenges and opportunities from a large, Joint Venture capital project context with net zero target perspectives. Conceptually, floating wind energy is generated by a cluster of floating wind turbines, as against conventional fixed-bottom turbines which account for the majority of wind installations today. Several recent technological advancements have led to innovative floating wind solutions and also driven the costs downward. However, technological challenges like mooring and anchoring systems suited for harsh environments and policy challenges still present barriers to increased investment decisions. In both cases, synergies could potentially be harnessed from existing Oil & Gas deep sea technology. This paper will attempt to address such technology and policy challenges, as well as project management perspectives in maturing floating wind technology. Further, the project development lifecycle will be analyzed from stakeholder and risk management, technology maturation, decision making, and complexity management perspectives. While alleviating cost and flexibility challenges related to stick-built fixed-base solutions, floating technologies may have strategic potential to unlock the full potential of offshore wind and to serve as a vehicle to achieve green transition goals. This paper summarizes the potential risks and opportunities from political, economic, socio-cultural, technological, legal and environmental (PESTLE) points of view. Potential stakeholder influences and a decision quality matrix will be identified and documented. FOWF, PESTLE, Project Management, Complexity Management