27 January 2023

Norwegian Otovo secures SEK 1.1 billion in financing

Otovo is a marketplace for local solar panel and battery storage installers. Otovo offers their customers an analysis of their house’s energy potential to recommend the best solar energy solution that can be either bought or leased. 

Norwegian banks DNB Bank ASA and Sparebank 1 SR-bank ASA, are behind the SEK 1.1 billion loan that will provide Otovo the finance to get 12,500 new solar panel subscriptions, corresponding to a portfolio of SEK 2 billion and 80-105 MW solar energy and battery storage assets. 

Solenerginyheter

TreeToTextile is building a research environment in GoCo Health Innovation City in Gothenburg

TreeToTextile technology enables large-scalable production of a sustainable textile, which is manufactured from tree-based cellulose. TreeToTextile is now moving to the GoCo Health Innovation City in Gothenburg where the company will have their first own lab and demo facility. The company was founded by the H&M Group, Inter IKEA Group and Stora Enso. 

Press Release

ABP wants to build ‘energy tunnels’ in Mongstad, Norway

Currently, the Equinor oil refinery in Mongstad produces large quantities of hot water, which are released directly into the Fensfjord. ABP, which owns the industrial park at Mongstad, will invest NOK half a billion on reusing the hot water from Equinor's oil refinery and build an ‘energy tunnel’ that will distribute the water around the base. While the ‘energy tunnel’ is still being designed, Salbuvik hopes it will be able to offer district heating to Mongstad operators within 2-3 years. 

In order to realise this vision, companies in the region have set up a joint initiative called Greenspot Mongstad. Furthermore, Greenspot Mongstads manager, Einar Vaage, hopes the tunnels attract everything from hydrogen to steel production and fish farming. An area has already been set aside in Monstad for a biogas plant, which will require hot water from the oil refinery. 

Bergens Tidende, Head Topics

OX2 initiates new offshore wind farm Tyrsky in the Gulf of Bothnia

OX2 produces renewable and emission-free electricity, and has offshore wind farms on the Finnish and Swedish side of the Baltic Sea. OX2 is planning to boost its wind portfolio by building a 1,400 MW offshore wind farm called Tyrsky in the Gulf of Bothnia. Currently, there are already two offshore wind farms underway in the Gulf of Bothnia, Halla and Laine. Once completed, Halla and Laine will jointly have 310 wind turbines and an annual production of 23 TWh. The plan is for the new farm Tyrksy to have a maximum of 100 wind turbines and an annual production of 6 TWh. Trysky received a research permit last year and could be operational by 2030. The project will be driven forward next spring through extensive investigations and an Environmental Impact Assessment (EIA) procedure. 

STTInfo, Press Release

Fortum develops new wind farm in Finnish Teuva and Karijoki

Finnish state owned energy company Fortum plans to build 40 wind turbines in the forest areas of the municipalities Teuva and Karijoki. The six landowners involved in planning of the wind farm unanimously selected Fortum as the developer from a list of offers from several different companies. The project development manager, Hans Vedbäck, is very happy with the local cooperation and support, which will allow Fortum to use local know-how when building the farm. Moreover, the projects will bring in thousands of euros to the municipalities through annual real estate tax income. 

Matti Rintakomsi, one of the landowners, says, "Fortum has solid experience in developing and operating wind power projects in this region. We believe that this project will bring many benefits to the landowner. The income from forest properties will double or triple compared to the income from the forest, forest roads will be strengthened and you can continue to hunt, pick berries and move around in the area." 

A project investment decision will be made when the permitting and zoning process has been completed. 

Cision

Recyctec obtains about SEK 16 million from rights issue

Recyctec’s rights issue was accepted by 92.5% of its shareholders. Recyctec will obtain SEK 16 million before emission costs and set-off. 

Cision

CIP sells solar park in Canada to Axium Infrastructure

Investment firm Copenhagen Infrastructure Partners (CIP) has sold full ownership of the Travers Solar park in Alberta, Canada, to a fund managed by Axium Infrastructure. The solar park has a capacity of 465 MW and supplies electricity to more than 100,000 households in Alberta. CIP has not disclosed the selling price, but Tim Evans, partner and head of CIP’s North American division, says, “The sale of Travers is a testament to the value CIP created through development, financing and construction of this key renewable energy asset.” The park establishment started in March 2021 and commercial operation in November 2022. 

Energinyheter

Correction 26 January News: 

Swedish industry representatives outline action plan to increase competitiveness

Yesterday’s Nordic Green News implied that Swedish business was arguing for a more protectionist environment. The paragraph should have instead read:

The third proposal area the Swedish industry representatives had was about openness and globalisation. As Sweden has a small economy, it is important for its competitiveness that it is able to participate in international markets with the same conditions as other countries. The increased protectionism which is being seen in Europe can be problematic for Sweden. Therefore, Sweden should protect free trade in order to expand exports and increase competitiveness. At the same time, Swedish interests should still be asserted in foreign markets.

Di 

What we’re reading

• Tesla sees most competition from China as it smashes legacy rivals with record profits (Renew Economy)
• $1 Trillion Green Investment Matches Fossil Fuels for First Time (Bloomberg New Energy Finance)

---