Minesto, a prominent ocean energy developer, has announced an upgraded roadmap aimed at establishing a robust 200MW tidal energy infrastructure in the Faroe Islands, marking a significant leap forward in the archipelago's renewable energy ambitions, the company revealed on Thursday.
The enhanced roadmap comes in response to escalating demands for sustainable energy solutions, with the tidal energy potential serving as a crucial catalyst in propelling the transition towards a 100% renewable power system.
See also: Minesto's Dragon 12 Tidal Powerplant Successfully Delivers First Electricity to Faroe Islands Grid
With the recent achievement of generating MW-scale electricity with its Dragon 12 device and successfully connecting it to the grid, Minesto is now poised to shift its focus towards the commercial array buildout, signaling a pivotal moment in the company's trajectory.
The Faroe Islands have emerged as trailblazers in the global energy transition landscape, setting a formidable target of achieving 100% renewable energy by 2030.
Minesto's revised roadmap envisions tidal energy deployment across seven strategic site locations in Faroese waters, culminating in a total capacity of 200MW, which is estimated to fulfill approximately 40% of the archipelago's future electricity demand.
Martin Edlund, Chief Executive Officer of Minesto, underscored the rationale behind the expanded ambitions, stating, “We recently raised our ambitions to 200MW 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.”
The 200MW project is anticipated to require an investment of €400 million, with half of the funds earmarked for hardware sales from Minesto. Edlund emphasized the broader appeal of the enlarged investment case, citing improved economies of scale that enhance attractiveness for potential investors.
See also: Nova Innovation Secures £20 Million EU Funding for Tidal Energy Farm in Orkney
“In addition to increasing energy demand, a larger investment case at 200MW increases attractiveness for investors based on improved economies of scale,” Edlund added.
The roadmap sets Hestfjord as the primary site for initial buildout, where Minesto, in collaboration with local utility partner SEV, is actively engaged in site development activities, including consenting and planning of cable routes, laying the groundwork for seamless project implementation.
