Europe's largest onshore wind power project, comprising six onshore wind farms, with a combined capacity of 1000MW will be built in Central Norway.
Statkraft, TrønderEnergi and the European investor consortium Nordic Wind Power DA will join forces to realise the project, which will require a total investment of around EUR 1.1bn.
Construction will commence in the second quarter of 2016, and commissioning will be completed in 2020.
The wind farms will be built on the Fosen peninsula, the island of Hitra and in Snillfjord, in a coastal area providing some of the best conditions for renewable energy production from wind in Europe. At 1000 MW the projects' capacity is more than the current total installed capacity of wind power in Norway. Once completed and commissioned in 2020, the wind farms will generate 3.4 TWh power annually.
The joint venture company Fosen Vind DA will be the owner of the wind farms. Statkraft will have a 52.1 per cent ownership interest in the company, along with responsibility for the project execution in the construction phase. TrønderEnergi will have an ownership stake of 7.9 per cent. Nordic Wind Power DA, a European investor consortium created by Credit Suisse Energy Infrastructure Partners and backed by the Swiss utility BKW, have acquired the remaining 40.0 per cent from Agder Energi, TrønderEnergi and NTE.
The Fosen Vind project portfolio includes the Harbaksfjellet, Roan, Storheia and Kvenndalsfjellet wind farms north of the Trondheim fjord (approx. 750 MW), as well as the Geitfjellet and Hitra 2 wind farms south of the Trondheim fjord (approx. 250 MW). In comparison with the original Fosen-Snillfjord project, the estimated total generation has increased substantially while costs have come down. The original project was terminated early last summer due to lack of profitability. Later, the owners joined with Statnett to announce a new assessment of the options for designing a project with improved economics under new primary assumptions.
"This is an important day. Together with our partners Statkraft has developed the largest renewable energy project in Norway in this millennium. With a 1000MW project we become one of the leading onshore wind players", said Christian Rynning-Tønnesen, CEO and President of Statkraft.