Minesto shifts 2022 installation focus to Faroe Islands

Swedish marine energy developer Minesto AB (STO:MINEST) plans to focus activities with its Dragon Class marine energy converters this year on the site in Vestmannasund, Faroe Islands.

As initially planned, the first D4 unit will start grid-connected operations there in the first half of 2022. The company said on Monday it will also deploy the second 100-kW D4 device and the larger 1.2-MW D12 unit at this grid-connected site during 2022. These had been previously destined for demonstration testing in France and Wales.

Minesto expects that concentrating installations on one place will mitigate project delay risks from the supply chain and yield synergies in terms of risk reduction, logistics and costs.

The three converters will generate electricity under an existing power purchase agreement (PPA) with local power company SEV.

“It is the fastest approach to demonstrate the upgraded powerplant performance, to generate revenues and to enable large-scale buildout of arrays in multiple locations,” chief executive Martin Edlund said of the changed plans.

Minesto said it continues to collaborate with its French partners and remains committed to developing an 80-MW commercial array off North Wales.

Dragon Class is an upgraded design of the Deep Green technology that will be featured in the company's ongoing projects.

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