€2 Million Floating Wind Breakthrough Approved In Portugal

A Fantastic News In a major vote of confidence in Europe’s offshore wind sector, Gazelle Wind Power, a Viana do Castelo-based developer of floating wind technology, has secured an additional €2 million investment from country’s sovereign bank, Banco Português de Fomento (BPF).

This impressive funding was granted through the BPF’s deal-by-deal co-investment program, bringing the total amount of funding raised for Gazelle’s ‘Now Azul’ floating wind demonstration project to €18.8 million. John Salazar, CEO of Gazelle Wind Power Highlighted,

“The support of a respected institutional investor like Banco Português de Fomento is a strong vote of confidence in our floating wind platform and the potential to unlock offshore wind globally,” adding, “This investment strengthens our position as a strategic player in the renewable energy sector.”

Table of Contents

Nau Azul Project Glimpse

2 MW floating Wind demonstrator from Aguadora, Portugal
Total Investment of €18.8 million, including €2 million from Banco Português de Fomento
Innovative modular platform with reduced capital costs and high stability
Real-sea trials validating deepwater wind potential
Backed by lead investors: BPF, Indico Capital Partners
Supporting employment and Portugal’s clean energy goals
Low environmental impact, deployed from shallow ports

Statements of Stakeholders

Founded in 2020, Gazelle aims to make deepwater wind energy more efficient, accessible and environmentally friendly. The company is headquartered in Portugal and Ireland, with additional presence in Spain and the UK.

According to Teresa Fuza, Chief Investment Officer of BPF:

“This investment reinforces our commitment to sustainable technological solutions with high economic impact. By supporting Gazelle Wind Power, we are contributing to accelerating the energy transition, creating qualified jobs and promoting sustainable growth in the blue economy.”

In addition to BPF, Gazelle is supported by key investors such as Indico Capital Partners whose co-founder and managing general partner Stefan de Moraes noted:

“Gazelle is moving forward with the launch of Nau Azul, a full-fledged demo at sea. This investment from BPF brings the company closer to full financing for launch. We look forward to seeing it succeed.”