- Published: 29 April 2021 29 April 2021
Floating Power Plant (FPP) has secured €17,65m in R&D tax credits for an offshore floating wind and wave project at PLOCAN off the coast of the Canary Islands. This will help finance the demonstrator project currently in development.
The initial three years of anticipated expenses associated with FPP’s demonstrator project have been approved by the Spanish Tax Agency as qualifying for the country’s R&D tax credit programme. The demonstrator will have a total power capacity of 5 MW from a combination of wind and wave power and is expected to be in operation for up to 10 years.
As well as validating the performance of the hybrid system, the FPP Canarias project will provide a center for future developments, such as trialling 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.