Orsted plans an offer for the renewable energy island in the North Sea
Wind farm developer Orsted (ORSTED.CO) plans to submit a joint bid with Danish pension fund ATP to finance and build the world’s first energy island in the North Sea.
The man-made island, which will produce and store enough green energy to meet the electricity needs of 3 million European homes, was approved by Danish lawmakers in February as part of the country’s ambitious climate targets. Read more
“The energy island in the North Sea will be a cornerstone in the exploitation of Danish offshore wind resources, which can make a substantial contribution to the green transitions in Denmark and Europe and create thousands of jobs in Denmark” , Orsted said in a statement.
Orsted expects the project, which will be majority owned by the Danish state, to be auctioned next year and a decision made in 2023, a spokesperson said. The precise terms of the offer have not yet been finalized.
Covering an area of 18 football pitches, the initial phase of the island will be connected to hundreds of offshore wind turbines and will provide electricity to households and green hydrogen for maritime transport, aviation, l industry and heavy transport.
The energy island, which will cost around DKK 210 billion ($ 34 billion), will be located 80 km (50 miles) off the west coast of Denmark. Its surrounding wind turbines will have an initial capacity of 3 gigawatts and should be operational around 2033.
Orsted is the world’s largest developer of offshore wind farms, having installed nearly a quarter of all offshore wind capacity, while ATP is among the largest pension funds in Europe with SEK 960 billion under management.
($ 1 = 6.1806 Danish kroner)
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