Joint wind power venture established on Fosen

03.03.2014 06.47 | pressrelease

Wind farm on Kvenndalsfjellet, view from Linesøya (illustration)

The four Norwegian energy companies Statkraft, NTE, Agder Energi, and TrønderEnergi have signed a letter of intent to establish a joint venture to develop and operate three of nine licensed wind energy projects on the coast of the Trøndelag counties.

The joint venture increases the likelihood of the three wind farms Storheia, Kvenndalsfjellet and Roan being realised, which in turn will facilitate grid access for the remaining licensed onshore wind projects on Fosen.

The parties are now initiating talks with the aim of establishing a joint venture, which will own the three wind farms. The total installed capacity will be more than 600 MW, and an investment decision for the three farms will contribute to Statnett’s decision to build a new national grid line from Namsos to Storheia.

The Ministry of Petroleum and Energy granted licenses for several wind farms and power lines in Central Norway in 2013, which combined will facilitate the biggest investments in Norwegian renewable energy production in many years, with investments totalling almost NOK 20 billion. The realisation of the wind farms and power lines are contingent upon each other.

Sarepta Energi and SAE Vind, the two wind power developers that already hold wind energy licenses on Fosen, will continue the development of the other projects. Sarepta, jointly owned by TrønderEnergi and NTE, will continue to develop Ytre Vikna 2, Harbaksfjellet, Sørmarkfjellet and Frøya for a total of 436 MW. SAE Vind, owned by Agder Energi and Statkraft, will continue efforts to develop Svarthammaren and Geitfjellet in Snillfjord, in addition to the expansion of the Hitra wind farm, for a total of 395 MW.

Statkraft will own 50.1 per cent of the new wind power joint venture, with Agder Energi owning 20.9 per cent and NTE and TrønderEnergi with a 14.5 per cent ownership stake each. The parties have also agreed that Statkraft will be responsible for the engineering, development and operation of the wind farms on behalf of the joint venture company.

The parties are aiming for an investment decision for the development of the three projects during the first half of 2015. The total investment requirement for the three projects is approx. NOK 7 billion. The JV company will open for the entry of external investors ahead of an investment decision. The partnership provides the four owners with increased flexibility in terms of assessing their investment level in future wind power development.