Mundus Nordic Green News – 23 March, 2021

Scatec announces a NOK 100 billion business plan to 2025

At its Capital Markets Update today, renewable company Scatec confirms its current 4.5 GW capacity target for 2021 and raises its target to 15 GW by end of 2025. The business plan is supported by Scatec's track record of strong growth and a solid project pipeline across solar, wind, hydro and storage in high-growth markets globally. The 12 GW of new capacity, up from current 3.3 GW, will require NOK 100 billion in investments according to company estimates, of which NOK 15-20 billion will be funded by Scatec equity. Solid long term cash flows from operating power plants and margins from development and construction of new plants are expected to fund a major part of Scatec's equity investments.

Since its previous Capital Markets Update in 2019, Scatec has taken major steps to broaden its business development activities to build a global leader in renewables. The project development footprint has been expanded to 35 countries, and the pipeline of projects has increased from 4.2 GW to 11.9 GW over the past two years. (Stock exchange notice)

Equinor announces itself satisfied with performance of floating wind farms

For its third consecutive year, Hywind Scotland – the world’s first floating offshore wind farm – has achieved the highest average capacity factor for any wind farm in the UK. With an average capacity factor of 57.1% in the twelve month period to March 2020, the floating offshore wind farm set a new record in the UK. With this performance, the Equinor-operated wind farm says it has proven the potential for floating offshore wind, paving the way for the UK’s announcement of 1GW of floating offshore wind to be developed in the UK by 2030. (press release)

Everfuel will establish 15 hydrogen stations in Norway

Danish Everfuel is preparing for geographic expansion, with plans now announced to establish 15 hydrogen stations in Norway before the end of 2023. The stations will initially cover areas south of Trondheim and be connected to hydrogen stations in Sweden and Denmark. 

The development of the Norwegian hydrogen gas stations is part of Everfuel's scale-up phase, and they have previously announced that €1.5 billion will be invested in the development of the hydrogen value chain in Europe. (press release)

Minesto announces successful prototyping

Minesto AB, has technology that operates akin to an underwater kite, generating renewable power. As part of a continued operations programme in its tidal energy project in the Faroe Islands, Minesto has made significant progress related to electricity generation to grid. The company’s DG100 power plant has reached peak power production performance above 110 kW with average power produced over a tidal cycle aligned with predictions in simulation runs. (press release)

Troms Kraft buys into Glomfjord Hydrogen

In a share issue for Glomfjord Hydrogen, Troms Kraft has bought 1 15.3% ownership position. Other owners are Greenstat, NEL Fuel and Meløy Energi. Glomfjord Hydrogen AS was established in 2016, with the aim of establishing large-scale hydrogen production, both in compressed and liquid form. The goal is initially to win the tender for the Vestfjord ferries, which will have their first deliveries of hydrogen before 2025. In addition, work is being done on several other market channels. In 2020, a cooperation agreement was put in place with French Air Liquide on liquefaction of hydrogen.

Erling Dalberg, Executive Vice President for Innovation and Development at Troms Kraft said “We believe hydrogen will be an important part of the future energy mix, and look at this investment as part of our strategy to help build Northern Norway as a growth region based on renewable energy. We believe that this partnership - strategically located in Glomfjord, with its heavy industrial history in hydrogen - has good prospects for success.” (press release)

What we’re reading

• Deutsche Post DHL to invest €7 billion into climate neutral logistics (Clean Energy Wire)
• The Climate Governance Initiative launches its inaugural Summit today urging board directors to tackle the climate emergency (Boards Impact Forum)

 

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