1 September 2021

Hexicon establishes JV with Shell for floating offshore wind project in South Korea

MunmuBaram is a JV company established by Shell Overseas Investment and CoensHexicon, with the aim to develop and operate a 1.4GW floating offshore wind project off the south-east coast of South Korea. Shell will own 80% and CoensHexicon the remaining 20% of MunmuBaram. CoensHexicon is a JV between Hexicon and Korean company COENS Co, in which Hexicon holds 49%.

The project, which is currently at a feasibility assessment stage, is located between 65 and 80 kilometres from the city of Ulsan South Korea. The total project site covers an area of approximately 240km2 with water depths ranging between 120 and 160 metres making the site suitable for floating foundations. Subject to future investment decisions, MunmuBaram project will be developed in phase(s) and once constructed, expected to generate up to 4.65- TWh of clean energy every year. (press release)

Early completion for BASF purchase offshore wind farm from Vattenfall

Following the approval of all relevant authorities, BASF has today successfully completed the purchase of 49.5% of the offshore wind farm Hollandse Kust Zuid from Vattenfall. The closing of the transaction, originally expected for the fourth quarter of 2021, was completed earlier than planned. (press release)

European Energy lowers its financing costs with green bond

European Energy has set a Danish record for green bonds, with the issuance of a corporate bond with a nominal size of €300 million maturing in 2025 at an interest rate of 3.75%. The majority of the issue will be used to pay off the previous bond of €200 million, issued last year at a rate of 4.98%. (Energiwatch)

Statkraft enters into a ten-year power agreement with Neste

Statkraft, Europe's largest producer of renewable energy has signed a 10-year power purchase agreement (PPA) with Finnish refiner, Neste. The power agreement will supply Neste's refinery in Porvoo and deliveries will start in the summer of 2022. The annual volume in the wind power contract is approximately 215 GWh, corresponding to 18% of the power consumption at the refinery. (NordicNews)

Two Danish hydrogen and PtX projects are fighting for DKK 850 million

The government has decided that Denmark will participate in a project of common European interest in hydrogen (IPCEI) and has allocated a total of DKK 850 million for Denmark's participation. Denmark will support the applications of Green Fuels for Denmark, represented by Ørsted and HySynergy 2.0, represented by Everfuel. (Energy Supply)

Vestas takes its largest Australian order in 11 years

This year's order intake in one of Vestas’ key markets is doubled by a single order. The 396MW of turbines are scheduled to be delivered during 3Q22. (Energiwatch)

Sweden to pilot permanent electric road segment

Sweden's first permanent electric road, on the E20 between Hallsberg and Örebro, is planned to be completed as early as 2025. “If this turns out well, we can see electric roads on more stretches in the coming years,” said investigator Elisabet Falemo, who has submitted a proposal on what a future regulatory framework for electric roads could look like.

The Swedish Transport Administration is planning for an additional 3,000 kilometers of road that may be relevant for a future expansion. It is still unclear which path the technological development will take and which solution will become standard internationally. (MSN Economy)

Bravida inaugurates GreenHub - now launches for fossil-free deliveries in eight major Nordic cities

Bravida's concept GreenHub is inaugurated in eight major Nordic cities, where the delivery of services in cities now takes place through electric bicycles, electric mopeds and walking. The investment leads to faster service and is completely fossil-free. GreenHub reduces emission levels while making deliveries more efficient by avoiding traffic jams, possible congestion taxes and finding a parking space. GreenHub is now available from 1 September in Stockholm, Gothenburg, Copenhagen, Aarhus, Helsinki, Oslo City, Oslo Lysaker, Bergen, Trondheim and Kristiansand. (press release)

Yara acquires Finnish circular fertilizer manufacturer

Yara has acquired the Finnish company Ecolan Oy, which manufactures fertilizers based on recycled materials. The acquisition is Yara's first in the organic fertilizer segment. According to Yara, the acquisition reflects a greater commitment in organic farming and to contributing to a circular economy. (Jordsbruksaktuellt)

SSAB delivers fossil-free steel to Mercedes-Benz

Following its initial delivery of fossil-free steel to Volvo Group, SSAB has now supplied Mercedes-Benz, which plans to use the steel for prototype parts in its vehicles. (Metal Supply)

HSBC lowers target price on Nel - but believes in hydrogen companies in the long run

HSBC says that it is positive on hydrogen shares and points to them as a strong investment towards 2030. But if the short-term concerns about the sector are to be stopped, more orders are needed. HSBC has lowered its target from from NOK 33 to NOK 22/share. This follows last week's news that several brokers were downgrading Nel’s share price target. Following a huge run up in prices last year, there is a general bearish trend in the cleantech sector. (Dagens industri)

Niam invests in Solarwork

Niam's newly launched platform Niam Infrastructure has invested in Solarwork, a Swedish-owned company offering property owners and tenants "Solar as-a-service" through tailored solutions for each property's current and future needs, reducing their electricity costs. (Solenerginyheter)

Big bill after Gävle floods

A few weeks ago, Gävle, north of Stockholm, was hit by torrential rain with massive floods as a result. According to Gefle Dagblad, the rain caused more than SEK 100 million in damages as insurance companies have received more than 4,000 reports. "It is an exceptional event. In the last 20-30-years, it is only the flooding in Malmö in 2014 that comes close," Tobias Håkansson at the insurance company Folksam told the newspaper.

What we’re reading

• Up to half of world’s wild tree species could be at risk of extinction (The Guardian)

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