Minesto Evolves Its Faroese Business Case, Upgrading to a 200 Mw Tidal Energy Buildout

Dr Martin Edlund, CEO of Minesto, was recently interviewed on national Faroese TV:

"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 Dr Martin Edlund.

Minesto estimates the 200MW project investment to 400 M EUR, where 50% constitutes hardware sales from Minesto.

"In addition to increasing energy demand, a larger investment case at 200 MW increases attractiveness for investors based on improved economies of scale," explains Dr Martin Edlund.

The road-map targets Hestfjord as the first site for build out. This is also where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.

Video comment from CEO:

CEO comment Looking ahead after Dragon 12 electricity milestone (youtube.com)

Film visualising the 200 MW buildout plan:

Minesto's roadmap to 200 MW tidal energy buildout in the Faroe Islands (youtube.com)

For additional information, please contact

Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
[email protected]

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