Norwegian petroleum refiner Equinor has signed an agreement with Spain-based energy company Naturgy to compete in Spain’s upcoming offshore wind auction.

The country’s first offshore wind auction is expected to be held offshore from the Canary Islands next year.

It aims to help the Spanish government meet its target to have up to 3GW of installed offshore wind capacity by 2030.

As part of the auction process, Equinor and Naturgy will jointly pursue opportunities to develop and build a floating offshore wind project.

The companies plan to make use of each other’s complementary capabilities to develop renewable assets in Spain, beginning with commercial floating wind projects.

Naturgy will offer its experience of onshore wind development in Spain, while Equinor will bring its capabilities in floating offshore wind technology and development.

In a press statement, Equinor said: “With more than 90% of the Spanish offshore wind areas being deep waters, Spain has an exciting opportunity to spearhead the next wave of floating offshore wind in Europe.”

Naturgy Renewables, New Businesses and Innovation managing director Jorge Barredo said: “The development of floating wind opens a window of opportunity for Spain, allowing it to take advantage of locations away from the coast, with excellent wind resources, acting as a tractor of the economy through key sectors such as naval or civil.

“It is an energy and industrial opportunity, so Spain would seize this through the reconciliation of all interests linked to maritime activities.”

Earlier this month, Repsol and Danish energy firm Ørsted agreed to explore the development of floating offshore wind projects in Spain.

By combining their knowledge, the partners plan to identify and develop wind projects offshore from Spain.

Last July, Naturgy published its Strategic Plan for the next four years, which will involve the company investing €14bn ($16.6bn) by 2025.