Norwegian developer Magnora ASA and Kustvind AB in Sweden are to accelerate the development of Sydkustens Vind, a 500-MW shallow water offshore wind project in southern Sweden
Magnora investment director Haakon Alfstad, one of Norway’s most experienced developers of wind energy, said “The decision follows several studies performed during the spring of 2020 which have provided the answers we were looking for. We are now certain that this is a good project commercially and that it is technically feasible.”
The project will now enter the development phase and studies of the seabed and project area will commence. Compared to the original schedule, the project has been accelerated by 10 months.
The project is located approximately 8 km offshore and will have a potential production capacity of 2 TWh annually.
Mr Alfstad said the project is close to relevant infrastructure in Sweden and has very attractive wind conditions. In addition, southern Sweden has what he described as very attractive electricity prices, historically and recently. “All these factors contribute towards increasing the project’s robustness,” he said.
Magnora director of offshore and industrial projects Bjørn Sund said, “The project is in the Øresund region which has 3.5M inhabitants. This region has experienced strong population growth, which is expected to continue and the Copenhagen municipality and leading Danish corporations have decided to build the world’s largest green hydrogen facility. Both factors are positive for the region’s demand for green energy.”
Magnora signed a shareholder agreement with Kustvind on 20 March 2020 and will gradually increase its ownership in the company up to 50%.
The Kustvind team includes three project developers with more than 25 years’ of experience in wind power development in numerous countries, onshore and offshore.
In addition to the Sydkustens Vind project, Magnora recently signed two letters of intent in connection with a potential 60-MW project in Scandinavia and 50-MW onshore wind development project in the UK.
“Our deal flow continues to grow and we are continuing dialogue with project developers, landowners and green businesses,” said Magnora executive chairman Torstein Sanness.
In June, Riviera held a series of webinars on offshore wind. These are available to view in our webinar library