Statkraft-led JV to build €1.1bn wind power project in Norway

WCN Editorial Team 24 Feb 2016 EUROPE ENERGY & UTILITIES

A joint venture led by Norwegian state-owned utility Statkraft has announced plans to invest about €1.1bn in Europe's largest onshore wind power project in central Norway.

Statkraft holds a 52.1% stake in the joint venture firm known as Fosen Vind, and will be responsible for the project execution in the construction phase.

 

The joint venture also includes TrønderEnergi, which owns a 7.9% stake, and European investor consortium Nordic Wind Power with a 40% interest.

 

The project will include the construction of six onshore wind farms on the Fosen peninsula, the island of Hitra and in Snillfjord.

 

The facilities will have a combined capacity of 1,000MW, which is more than the country’s existing total installed capacity of wind power. The project will have an annual output of 3.4TWh.

 

Danish wind turbine manufacturer Vestas will supply 278 turbines for the wind farms, with the first delivery of turbines expected in 2018.

 

Construction work is anticipated to begin in the second quarter of 2016, with commissioning slated in 2020.

 

The original project was shelved in mid-2015 owing to lack of profitability, and has been revived after reducing costs and boosting capacity.

 

Statkraft president and CEO Christian Rynning-Tønnesen said: "This is an important day. Together with our partners Statkraft has developed the largest renewable energy project in Norway in this millennium. With a 1,000MW project we become one of the leading onshore wind players."

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