Swedish ocean energy developer Minesto has upgraded its roadmap to a 200 MW tidal energy buildout in the Faroe Islands, said to come as a response to the growing demand for renewable energy.
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.
The 200 MW project investment is estimated to be €400 million, where 50% constitutes hardware sales from Minesto.
The roadmap targets Hestfjord as the first site for build-out, where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.
“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 Martin Edlund , CEO of Minesto.
“In addition to increasing energy demand, a larger investment case at 200 MW increases attractiveness for investors based on improved economies of scale.”
According to Minesto, the recently reached milestone of megawatt-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.
The 1.2 MW, 25-ton Dragon 12 tidal energy kite was commissioned in the early morning of February 9, delivering the first electricity to the national grid in the Faroe Islands.
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