BlueFloat Energy has cancelled plans to develop the 2.5 GW Gippsland Dawn floating offshore wind project in Victoria, Australia, following a decision to cease all global operations. The company citted unfavourable market conditions and financial challenges as key reasons for the move.
The company held a feasibility licence for the Gippsland Dawn project. It had also proposed two other major floating wind projects: the 1.6 GW South Pacific project off the coast of New South Wales between Shellharbour and Clifton, and the 1.725 GW Eastern Rise project off the NSW Hunter coast.
A strategic review concluded that the economics of continuing offshore wind development were not viable under current and anticipated market conditions. As a result, the company’s main shareholder, Quantum Capital Group, has decided to stop funding all offshore wind activities, including the Gippsland Dawn project. No further development work will be carried out on any of BlueFloat’s Australian projects.
