14 February 2023

Today's Top Nordic Green News:

• CIP plans a 2 GW floating wind project in Portugal
• HPSolartech aims to become a leader in the Nordics and changes its name to Turn
• Swedish industry players criticise government wind inquiry
• Swedish business leaders prefer energy efficiency measures over financial compensation
• Neste reduces emissions globally by 11.1 million tonnes in 2022

CIP plans a 2 GW floating wind project in Portugal

Copenhagen Infrastructure Partners (CIP) plans to develop a 2 GW floating offshore wind project called "Nortada'' off the coast of Portugal. The project, which could be built outside the port city of Figuera da Foz, is estimated to require investments of EUR 1.07 billion. CIP's development business, Copenhagen Offshore Partners, has opened an office in the Portuguese city of Porto, from which the project may be operated. Portugal lifted plans for an offshore wind expansion of 11 GW at the end of January. It will require floating wind turbines of up to 10 GW to continue with the expansion because most of its designated zones are in areas where the sea is very deep.

NPinvestor

HPSolartech aims to become a leader in the Nordics and changes its name to Turn

In 2022, Uppsala-based solar energy company HPSolartech raised SEK 2 billion in capital and began its journey. The company has since changed its name to Turn and aims to provide 15% of all solar energy produced in Sweden by 2028. Turn believes that they "have enough financial muscle to make a real difference" in renewable energy development and that they have entered a growth phase. Therefore, the company decided to update their brand towards their new goals before meeting potential customers and employees. 

Turn builds, owns, and manages solar parks on unused land, specifically on land leased by landowners, who are sitting on land that can not be cultivated. Turn is continuing to build solar parks and, in parallel, looking to find more landowners who want to lease out their land - with the end goal of putting 1500 MW into operation by 2028, which corresponds to solar parks with a total area of about 3,000 football fields. 

DagensNäringsliv

Swedish industry players criticise government wind inquiry

Proposals for the wind power investigation have been criticised by industry players, who argue that they could deter investment. The implementation of these will make it more expensive and more complicated for wind power expansion in Sweden - among other things, the total fee is proposed to increase from 1.5% to more than 4% of turnover, and for park owners to be forced to finance local benefit measures and compensate nearby house owners. However, this could result in increased costs and lengthier, more complex permit processes, which could negatively affect the willingness to invest. The government's decision to remove a paragraph that encouraged dialogue with the Armed Forces in the 2023 regulatory letter has also raised questions.

Di

Swedish business leaders prefer energy efficiency measures over financial compensation

A majority of Swedish business leaders prefer measures to increase energy efficiency over temporary financial support during periods of high electricity prices. This emerges from a Novus survey commissioned by Fossilfritt Sverige, where around 500 business leaders answered the survey question.  

“It is very interesting that companies would rather vaccinate themselves against high electricity prices in the future than take a short-term medicine now. Energy efficiency is important for Swedish companies and industry to increase their competitiveness on the world market.”, says Svante Axelsson, national coordinator for Fossil Free Sweden. Moreover, energy efficiency will play a key role in reaching the 1.5 degree target and is ever more important as the EU becomes independent from Russia. 

Finanstid

Neste reduces emissions globally by 11.1 million tonnes in 2022

Neste, a Finnish oil refiner, has helped its customers reduce greenhouse gas emission by offering renewable and circular products and solutions. In 2022, Neste’s reduction in greenhouse gas emission was 11.1 million tonnes globally, equivalent to the carbon footprint of 1.8 million EU citizens or removing four million cars from the road per year. Neste got these numbers by calculating the carbon footprint of each of its products and solutions during their entire life cycle.

Press Release 

What we’re reading

• Seven EU countries call for cautious electricity market reform (Euractiv)
• Europe's spend on energy crisis nears 800 billion euros (Reuters)
• EU opens door to 'green' nuclear-derived hydrogen (Reuters)
• France wins recognition for nuclear in EU’s green hydrogen rules (Euractiv)
• EU drives though truck emissions targets with new 2040 goal (Financial Times)
• Exxon Retreats From Major Climate Effort to Make Biofuels From Algae (Bloomberg)

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