Statkraft heads joint venture for 640MW of Norwegian projects

NORWAY: Statkraft is looking to form a joint venture with three fellow Norwegian energy companies for the development of three wind projects in the country with a total capacity of 640MW.

by Patrick Smith 3 March 2014

The projects are in the Trøndelag region

NTE, Agder Energi, TrønderEnergi and Statkraft have signed a letter of intent to establish a partnership for the development and operation of Storheia, Kvenndalsfjellet and Roan wind projects in the centre of the country, according to local press reports.

Statkraft said that the joint venture had been formed to make the completion of the projects more feasible.

The 220MW Storheia project, 120MW Kvenndalsfjellet development and 300MW Roan wind farm are all projected to go online in 2018.

Statkraft will hold a controlling 50.1% stake and will be responsible for development, construction and operation of the wind farms. Agder energy will take a 20.9% stake, while both TrønderEnergi and NTE will own 14.5% holdings.

The three projects are part of a tranche of nine wind farm licences that were granted by the petroleum and energy ministry in 2013, which, along with related grid development, would need NOK 20 billion (EUR 2.4 billion) in investment.

The parties aim to make investment decisions for development on the three projects during the first half of 2015.