Magnora and Kustvind accelerate Swedish offshore wind plans

In: Windfarms

Magnora ASA and Kustvind AB have decided to accelerate growth plans and the development of
Sydkustens Vind, a 500 MW shallow water offshore wind project in southern Sweden.

The project now enters its development phase, and physical studies of the seabed and project area in general will commence. Compared to the original schedule, the project has been accelerated by ten months.

The project is located approximately 8 km offshore the southern coast of Sweden. The project has a 500 MW potential and will have a production capacity of 2 TWh annually. The project can potentially serve 250.000 homes with electricity.

“The decision follows several studies performed during the spring of 2020 which have provided the answers we were looking for. We are now more certain that this is a good project commercially and technically feasible,”
says Haakon Alfstad, Investment Director in Magnora, Executive Chairman in Kustvind AB.  

“The project is located close to relevant infrastructure in Sweden and the area has very attractive wind conditions. In addition, southern Sweden has had very attractive electricity prices both historically and recently. All these factors contribute towards increasing the project’s robustness,”
says added Alfstad.

Magnora signed a final shareholder agreement with Kustvind AB on 20th of March 2020. Magnora will gradually increase its ownership in the company up to 50% based on a detailed milestone plan.

“The offshore project is located centrally in the Øresund region which has 3.5 million inhabitants. The region has experienced strong population growth over the past decades and is expected to continue growing due to increased urbanization. Furthermore, the Copenhagen Municipality has together with leading Danish corporations decided to build the world’s largest green hydrogen facility. Both factors are positive for the region’s demand for green energy,”
says Bjørn Sund, Magnora’s Director of Offshore and Industrial projects.

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