Due to the inherent variability of the power output of offshore wind farms, their integration into electrical grids poses a challenge to their stability and leads to significant balancing costs. Combining wind and solar power may be expected to mitigate the power output variability. In addition, a number of synergies can be realised—shared infrastructure, shared crews and vessels for operations and maintenance, and last but not least, optimum use of scarce marine space. The objective of this work is to investigate this hybrid approach and, in particular, to determine the optimum capacity of the solar energy subsystem given a certain installed capacity of the wind energy subsystem. Three case studies are considered in Europe and China. Each of them is an existing wind farm that could be retrofitted with floating solar PV. After assessing the local wind and solar energy resources, the optimal size of the floating solar array is calculated with a view to smooth the aggregated power output of each farm. Subsequently, the benefits of this hybrid approach are demonstrated from various perspectives. It is found that a much larger solar array is required for a wind farm with a large installed capacity, but the specific optimal size depends more on the local wind and solar resources. The novelty of this paper lies in its exploration of retrofitting existing offshore wind turbines with floating solar PV systems from the perspective of addressing the variability challenge for the currently operating wind farms. This study could serve as a guideline for project designs aiming to retrofit existing offshore wind farms with solar PV technology, thus reducing balancing costs and facilitating the penetration of offshore renewable energy into national power grids.