Vattenfall Wins 400 MW Offshore Wind Energy Project, Sells Stake In 700 MW Project
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Vattenfall has had a busy last few days as it took the decision to sell stake in a wind energy project off the coast of England and secured another off the coast of Denmark.
Swedish power generation giant Vattenfall secured a 400 MW offshore wind energy project off the coast of Denmark in an auction. The company won the project at $116 per MWh. Before starting the construction of the Horns Rev 3 power project it will require approval from the European Parliament and the European Union.
Once completed, the project will be able to power the average of 45,000 homes. Vattenfall operates about 1 GW offshore wind energy capacity across Europe. The company owns a 60% stake in Horns Rev 1 offshore project of 160 MW capacity.
Vattenfall also held 50% stake in 714 MW offshore wind energy project, the East Anglia 1, off the England coast. Vattenfall is planning to sell this stake to ScottishPower Renewables, a subsidiary of Spanish power generation company Iberdrola.
The total planned capacity for the East Anglia 1 project is 1.2 GW, but only 714 MW capacity has been auctioned so far. ScottishPower plans to install about 100 turbines to fully operationalise the project. Construction on the project is expected to commence in 2017 and the first of the turbines are expected to start generating power in 2019.
The project was secured in an auction where the developers placed the winning bid at $185 per MWh for 15 years.
While Vattenfall has transferred its stake in this particular project to ScottishPower, the two companies announced that they would continue to partner in further development of similar projects in the East Anglia region. Vattenfall currently owns about 1 GW of offshore wind energy assets.
Image Credit: Ben Barden | Vattenfall
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