Developer Minesto has upgraded its roadmap to a 200MW tidal energy buildout in the Faroe Islands.
The scaled-up roadmap is a response to the growing demands for green energy, where unlocking the tidal opportunity enables transition to a 100% renewable power system.
The recently reached milestone of MW-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.
The Faroe Islands has one of the world’s most ambitious energy transition schemes, aiming for 100% renewables by 2030.
Minesto’s suggested roadmap includes tidal buildout in seven site locations in Faroe Island waters, reaching a total of 200MW – equivalent to about 40% of future electricity demand.
The ocean energy developer’s chief executive Martin Edlund said: “We recently raised our ambitions to 200MW as new tidal energy resources have been verified, and the demand for clean energy from local stakeholders such as the Faroese fish farming industry is growing.”
Minesto estimates the 200MW project investment to €400m, where 50% constitutes hardware sales from Minesto.
Edlund said: “In addition to increasing energy demand, a larger investment case at 200MW increases attractiveness for investors based on improved economies of scale.”
The roadmap targets Hestfjord as the first site for buildout.
This is also where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.