Minesto and SEV strengthen partnership for tidal energy build-out in the Faroe Islands
An important add-on to the extended agreement stipulates the exclusive nature of the collaboration regarding the Hestfjord site development and build-out. This aspect facilitates and supports the ongoing work to create an attractive investment and the set-up of a Special Purpose Vehicle (SPV) to funnel project investments, Power Purchase Agreement (PPA), potential public funding (e.g., EU) and other assets.
The agreement also outlines the expanded operation at the existing Vestmanna production site.
The collaboration is based on sharing of production and performance data from ongoing operations as well as in-depth analysis of site characteristics of the existing and planned site locations for joint business case assessments.
"Strengthened and extended collaboration with the utility company SEV is a corner stone for
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