Minesto Evolves Its Faroese Business Case, Upgrading to a 200 Mw Tidal Energy Buildout

Source: www.gulfoilandgas.com 2/21/2024, Location: Europe

Minesto, leading ocean energy developer, has upgraded the roadmap to a 200 MW tidal energy buildout in the Faroe Islands. The scaled-up roadmap is a response to the growing demands for renewable energy, where unlocking the tidal opportunity enables transition to a 100% renewable energy system. The recently reached milestone of megawatt-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.

The Faroe Islands has one of the world's most ambitious energy transition schemes, aiming for 100% renewables by 2030. Minesto's suggested roadmap includes tidal energy buildout in seven site locations in Faroe Island waters, reaching a total of 200 MW equivalent to about 40% of future energy demand.

Dr Martin Edlund, CEO of Minesto, was recently interviewed on national Faroese TV:

"We recently raised our ambitions to 200 MW as new tidal energy resources have been verified, and the demand for clean energy from local stakeholders such as the Faroese fish farming industry is growing," said Dr Martin Edlund.

Minesto estimates the 200MW project investment to 400 M EUR, where 50% constitutes hardware sales from Minesto.

"In addition to increasing energy demand, a larger investment case at 200 MW increases attractiveness for investors based on improved economies of scale," explains Dr Martin Edlund.

The road-map targets Hestfjord as the first site for build out. This is also where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.


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