11 May 2023
Today's Top Nordic Green News:
- US power giant wants to build nuclear power site in Sweden by 2030
- Finland's Foreign Minister promotes wind power potential in Baltic Sea
- Eolus partners with Finsilva to develop over 600 MW of wind power in Finland
- OX2 plans rapid Australia expansion after buying out solar developer
- Aker Horizons and VNG sign LOI for green ammonia delivery from Norway to Germany
US power giant wants to build nuclear power site in Sweden by 2030
Nuclear power giant Westinghouse would like to build Sweden’s next nuclear power plant. The US giant built the Ringhals 2, 3 and 4 reactors in the 1970s and 1980s, and via its subsidiary Asea Atom, built the reactors in Oskarshamn and Forsmark, meaning that Westinghouse built all active nuclear reactors in Sweden from the ground up. CEO Patrick Fragman, who is visiting Sweden wants to build a new conventional reactor before 2030, dismissing small modular reactors (SMRs) as an alternative for Sweden. Fragman explains that the technology needs to be standardised before it becomes affordable and “it would definitely pose a risk to choose a technology that has never been in operation,” adding that the large reactors will deliver the best yields for some time to come. The Tidö parties have previously signalled that they seek to expand nuclear power and are seeking to accelerate the pace of issuing permits through a fast track for nuclear power.
Finland's Foreign Minister promotes wind power potential in Baltic Sea
Finnish Foreign Minister Pekka Haavisto attended the Council of the Baltic Sea States' forum on wind power in Berlin. He stated that Finland has the potential to become a significant producer of offshore wind power in the Baltic Sea region, which could lead to the country becoming a net energy producer. Haavisto emphasised the importance of transitioning to renewable energy sources like hydrogen or green steel to achieve energy independence. The meeting revealed a strong interest and investment potential in wind power, particularly in Germany, where wind turbines cover about 21.7% of the country's energy needs. However, challenges remain in terms of infrastructure development and the efficiency of power transmission networks before Finland can fully utilise its wind power potential.
Eolus partners with Finsilva to develop over 600 MW of wind power in Finland
Swedish renewable energy company Eolus Vind has signed a cooperation agreement with Finnish landowner Finsilva to develop five wind power projects in central Finland, with a total potential capacity of over 600 MW. The projects are in the early stages of development and are expected to be commissioned from 2027 onwards. Eolus will lease land from Finsilva and oversee the development and realisation of the projects. This collaboration significantly expands Eolus' wind power portfolio in Finland, further solidifying its position as a renewable energy developer in the Nordic region.
OX2 plans rapid Australia expansion after buying out solar developer
OX2 has bought Australian solar farm developer Esco Pacific in its first move outside of Europe. The company says it is looking for significant growth in the Australian market in solar, storage, wind and hydrogen. Esco Pacific has built about 800 MW of large scale solar projects in Australia and has a pipeline of another 1200 MW of solar projects, plus 200 MW of battery storage. “Watch this space, there will be a lot of things coming from Down Under,” CEO Paul Stormoen said in a webcast announcing the purchase.
Aker Horizons and VNG sign LOI for green ammonia delivery from Norway to Germany
Aker Horizons, a Norwegian green energy and industry developer, has signed a letter of intent (LOI) with German gas group VNG to supply green ammonia from Narvik, Northern Norway. Under the LOI, VNG intends to purchase up to 200,000 tonnes of green ammonia annually from Aker Horizons' large-scale green industrial hub in Narvik starting in 2028. The green ammonia will be transported to terminals in Germany for further distribution as ammonia or hydrogen to VNG's customers, aiding in their decarbonization efforts. The LOI represents a step toward a firm supply agreement and potential future collaborations. The partnership aligns with Norway's commitment to becoming a key supplier of clean hydrogen to Germany and the EU while fostering green industrial development and enhancing European energy security.
The Narvik project is a significant milestone in Europe's industrial-scale production of green hydrogen and green ammonia, contributing to the decarbonization of hard-to-abate industries. Germany estimates a need for up to 130 TWh of hydrogen, including derivatives like ammonia, by 2030, with a substantial portion expected to be imported.
Aker Horizons is also involved in the development of a blue hydrogen production facility in Aukra, Norway, further bolstering the country's potential as a hydrogen exporter. The feasibility of a hydrogen pipeline from Norway to Germany is being evaluated, and a joint plan between the two countries includes the use of blue hydrogen, produced from natural gas with carbon capture and storage, as an intermediate step before transitioning to green hydrogen.
Swedish Trine expands investment portfolio to support Chile's green transition
Trine, a Swedish investment platform focusing on renewable energy, is expanding its portfolio to include solar energy investments in Chile. With Chile's strong commitment to green conversion and a growing cluster of entrepreneurs in need of clean electricity, Trine sees the Chilean market as highly promising. The platform allows individuals and companies to invest in loans for solar entrepreneurs in emerging countries, supporting the green transition while providing investors with unique insights. The first loan in Chile will finance a solar park benefiting the agriculture sector, promoting sustainable production and avoiding over 1100 tons of CO2 emissions.
SSAB Zero™ launches in Nordic market to revolutionise steel industry's carbon footprint
SSAB is introducing SSAB Zero™ to small and medium-sized manufacturing companies in Sweden and Norway. Through selected distribution partners, these companies can now access fossil-free steel that has no carbon dioxide emissions. SSAB has partnered with trusted distributors who will stock SSAB Zero™, offering a paradigm shift in the Nordic steel market. The product is well-documented and comes with verified manufacturing and product certificates. SSAB Zero™ is produced using recycled steel, fossil-free energy and market-based emission factors, ensuring a low carbon footprint and supporting the circular economy.
NordiskaProjekt, Press Release
Norwegian Government postpones ground rent tax on wind power
The implementation of the ground rent tax on onshore wind power in Norway has been postponed by the government. The tax, which has been a subject of controversy, will now take effect in 2024 instead of the initially planned 2023. The government aims to present the proposal for the tax to the Storting (Norwegian Parliament) during the autumn session of 2023. The decision to delay the tax implementation is based on input from consultations and a need to carefully assess legal rules. The ground rent tax is intended to be paid from the income generated by utilising natural resources such as wind, water and sea.
The wind industry and finance sector expressed concerns that the tax could lead to bankruptcies for existing wind power plants, and there is hope for a broader compromise and long-term framework conditions in the power industry. The Renewable Norway association welcomes the postponement and calls for a revised proposal that does not hinder necessary investments in renewable energy. The Tax Committee has previously supported the ground rent tax, suggesting a tax rate of 40%.
Enova supports Norwegian Skarv Shipping Solutions to acquire emission-free cargo ships
Skarv Shipping Solutions has secured NOK 130 million in support from Enova for the purchase of three cargo ships that will operate with zero emissions along the Norwegian coast. These vessels, equipped with innovative technologies such as ammonia engines, batteries, rotor sails and energy-saving hull designs, aim to achieve a remarkable 90% reduction in emissions compared to conventional ships. The project is set to contribute to the development of sustainable short-sea shipping and promote the use of alternative energy carriers like ammonia.
Norway's first education program in offshore wind to begin in 2024
The University of Agder (UiA) in Norway is set to offer a new interdisciplinary master's degree program in offshore wind, starting from autumn 2024. The program aims to contribute to the development of offshore wind expertise in Norway and will accommodate students from engineering as well as other disciplines such as law, political science, natural sciences and economics. The partnership between UiA, Å Energi and Skeiegruppen will invest around NOK 25-30 million in the program, which will include research projects and opportunities for doctoral scholars. The initiative also aims to retrain employees from the oil industry, leveraging their existing expertise in areas relevant to offshore wind.
Greengo Energy and Hydro Rein partner for Swedish solar parks
Danish Greengo Energy has formed a partnership with Norwegian Hydro Rein to establish two solar parks in Sweden. With a combined capacity of 118 MW and an annual production of 143 GWh, the projects aim to support Sweden's transition to 100% renewable energy. Greengo Energy will oversee the development, while Hydro Rein will handle the setup and operation of the parks. This collaboration expands on their existing partnership in the Danish market, where they plan to develop solar parks with a total capacity of 1 GW. Greengo Energy's portfolio includes solar, wind and PTX projects across northern Europe and seven American states, totaling 19 GW.
What we’re reading
- Nord Stream cost Germany dearly, wind power now priority in Baltic Sea – German foreign minister (Clean Energy Wire)
- Senators from both parties seek a pathway for advancing a bill imposing US carbon tariffs (E&E News)
- Black Summer bushfires may have influenced the onset of rare triple-dip La Niña (ABC News)
- Italian energy company Eni to develop Evans Shoal gas field described as 'carbon bomb' (ABC News)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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