Magnora and Kustvind to accelerate Sydkustens project

7 July 2020

Norwegian company Magnora and its Swedish partner Kustvind say they will accelerate development of the 500 MW Sydkustens Vind offshore wind project in Sweden by 10 months after completing initial project studies. The project is currently in its development phase and physical studies of the seabed and project area are about to start, the partners said in a statement. The wind farm, located in shallow waters approximately 8 km off the coast of southern Sweden, will have an annual production capacity of 2 TWh — enough to serve 250 000 homes.

Magnora investment director and Kustvind executive chairman Haakon Alfstad said: “The decision follows several studies performed during the spring of 2020 which have provided the answers we were looking for. “We are now more certain that this is a good project commercially and technically feasible. The project is located close to relevant infrastructure in Sweden and the area has very attractive wind conditions.”

Magnora director of offshore and industrial projects Bjorn Sund said: “The offshore project is located centrally in the Oresund region which has 3.5 million inhabitants. The region has experienced strong population growth over the past decades and is expected to continue growing due to increased urbanisation. Furthermore, the Copenhagen Municipality has together with leading Danish corporations decided to build the world’s largest green hydrogen facility. Both factors are positive for the region’s demand for green energy.”

In March, Norwegian royalty and license revenue company Magnora signed a final shareholder agreement for a 5 per cent stake in the project with the intention of increasing it to 50 per cent based on a detailed milestone plan.

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