Minesto eyes 200-MW tidal energy buildout in Faroe Islands

Swedish marine energy developer Minesto AB (STO:MINEST) has set out a scaled-up roadmap for a 200-MW tidal energy buildout in the Faroe Islands in response to growing renewable energy demands.

“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,” says chief executive Martin Edlund.

The proposed roadmap includes tidal energy deployment in seven locations in Faroe Island waters. The Faroe Islands aims for 100% renewables by 2030, with 200 MW equivalent to about 40% of future energy demand, the company said this week.

The 200-MW project is estimated to require an investment of EUR 400 million (USD 434m), with hardware sales from Minesto accounting for 50%.

Minesto recently commissioned its utility-scale 1.2-MW tidal power device Dragon 12.

(EUR 1 = USD 1.084)

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