Gazelle Wind Power has secured a €2 million investment to enable further construction of its 2MW Nau Azul floating wind demonstrator project in Portugal.
The financing was agreed with Banco Português de Fomento (BPF) through the deal-by-deal co-investment programme, in partnership with Indico Capital Partners.
Gazelle said further construction of the Nau Azul project will validate its technology and show how its solution is cost-effective and scalable for larger deployments.
In addition, the company said the investment will enable it to establish itself as a strategic player in the global renewables sector. The funding will allow it to strengthen its operational structure and expand its technical team.
A Gazelle spokesperson said: “Having the support of such a respected institutional investor is a meaningful vote of confidence in our floating wind platform and its potential to help unlock offshore wind at a global scale.
“We’re truly grateful for their trust in our team and their belief in our mission to drive the future of floating wind energy forward.”
Last month, Gazelle Wind Power was granted a 10-year Tupem licence by the Portuguese authorities to deploy the 2MW floating wind demonstrator off the coast of Agucadoura.
The project showcases the company’s next-generation floating offshore wind technology, which is aimed at unlocking deep-water wind resources to strengthen Europe’s energy security through scalable renewable power.
Issued by Portugal’s Directorate-General for Natural Resources, Safety and Maritime Services (DGRM), the Tupem authorisation grants Gazelle exclusive rights to occupy and utilise a designated area of national maritime space for the installation, operation and testing of its floating platform technology.
The project site previously hosted WindFloat 1, one of Europe’s earliest floating wind pilot projects.