Statkraft and partners to build 1GW wind project in Norway
Fosen Vind, a joint venture between Statkraft, TrønderEnergi, and the investor consortium Nordic Wind Power, will build 1GW onshore wind power project in Central-Norway, with an investment of approximately €1.1bn.
The project involves development of six onshore wind farms in the Fosen peninsula, the island of Hitra and in Snillfjord.
In particular, the projects include the Harbaksfjellet, Roan, Storheia, Kvenndalsfjellet, Geitfjellet and Hitra 2 wind farms.
Construction on the project is planned to commence in Q2 2016 and complete in 2020.
Upon commissioning, the wind farms are expected to double Norway's existing wind power capacity by generating 3.4TWh of clean electricity annually.
Statkraft, which will have 52.1% stake in the joint venture, will be responsible for the project execution in the construction phase.
TrønderEnergi will have 7.9% stake in the project while Nordic Wind Power, a European investor consortium created by Credit Suisse Energy Infrastructure Partners and backed by the Swiss utility BKW, will own the remaining 40% stake.
Statkraft president Christian Rynning-Toennesen was quoted by Bloomberg as saying: "It is the biggest wind power investment in Norway and the biggest onshore wind power project in Europe.
"It will produce enough power to provide 170,000 Norwegian houses with light and heat."
The project will feature 30 V112-3.45 MW and 248 V117-3.45 MW turbines with power optimized mode to 3.6 MW. The turbines will be supplied by Vestas starting in 2018.
The projects will replace the Fosen-Snillfjord projects, which were terminated last year in June 2015 due to lack of profitability.
Meanwhile, aluminum producer Norsk Hydro has signed a deal to purchase up to 1TWh of power generated from the project per year between 2020 and 2039, reported The Wall Street Journal.
Image: The project will feature Vestas-built turbines. Photo: Courtesy of Vestas Wind Systems A/S.