pacroon writes "StatoilHydro is building the world's first full-scale floating wind turbine, Hywind, and testing it over a two-year period offshore of Karmøy, Norway. The company is investing approximately $80 million. Planned startup is in the fall of 2009. The project combines existing technology in innovative ways. A 2.3-MW wind turbine is attached to the top of a so-called Spar-buoy, a solution familiar from production platforms and offshore loading buoys. A model 3 meters tall has already been tested successfully in a wave simulator. The goal of the pilot is to qualify the technology and reduce costs to a level that will mean that floating wind turbines can compete with other energy sources."