This research center focuses on enhancing the security of submarine infrastructure in the North and Baltic Seas by conducting experiments, testing, and developing innovative techniques.

Notwithstanding the challenges faced by the sector, the fund continues to express interest in securing direct stakes in renewable energy projects, a relatively recent investment strategy initiated in 2020.

This tax measure is designed to ensure that a greater portion of the value generated within the wind power sector benefits society as a whole and is expected to benefit host municipalities.

This coexistence is considered feasible and valuable for both oil and gas and renewables in Norwegian waters, despite the challenges involved.

As part of this collaboration, Octopus Energy will become a co-owner of Deep Wind Offshore alongside existing industrial owners Knutsen OAS, Haugaland Kraft, and Sunnhordland Kraftlag.

The challenges include disappointing auction results and obstacles related to interest rates and investment tax credits.

The project, consisting of 11 turbines with a total capacity of 88MW, is based on the Hywind concept, which debuted in 2017 off the coast of Peterhead, Scotland.

Both companies will become equal minority shareholders (around 41% each) in WindWorks Jelsa.

Europe's biggest utilities Enel and Iberdrola saw the clean energy transition coming decades ago when others baulked at the high cost of producing energy from the sun and wind and instead stuck with coal and oil.

Energy giant Shell has taken over full control over the Egmond aan Zee offshore wind farm in the Netherlands, buying out Vattenfall from the NoordzeeWind joint venture.