Minesto AB has announced progress on its 10-MW tidal energy array in the Faroe Islands, marking the first phase of the Hestfjord Dragon Farm project. The Swedish marine energy technology company has engaged advisory firm EY to assist with project financing and the formation of industrial partnerships.
The Hestfjord Dragon Farm is expected to begin with an initial deployment of 10 MW, with plans for a further 20 MW. This project follows a pilot programme that utilized two Minesto Dragon kites, namely Dragon 12 and Dragon 4, and represents an initial step towards a larger proposed build-out of 200 MW.
“Scaling-up of the technology by initiating the Hestfjord Dragon Farm build-out is a major milestone for Minesto in providing commercial-scale tidal energy,” said CEO Martin Edlund. “It's of great value to have the support of the EY team to help in discussions with various interested parties regarding financial and/or commercial partnerships.”
Site development activities are already underway in Hestfjord, including resource modelling and assessment, site optimisation, grid connection, and environmental evaluations. A recent upgrade to the local grid is expected to accommodate the tidal farm's requirements.
The next steps involve completing permit and license applications and forming an investment consortium to proceed with final site development and installation.
