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Vattenfall to acquire an 85% stake in 2.8 GW offshore wind farms in the North Sea.

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Mohit Kaul's picture
Founder, Enerdatics

Building Enerdatics. Leadership experience in a high growth SaaS company and secured a successful exit. A natural leader who cares about creating value for all stakeholders. Extensive experience...

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  • Jun 21, 2022

The projects, located in the Swedish North Sea, will be acquired from the wind power company Zephyr. The assets—named Vidar and Poseidon—are in the early stages of development and are estimated to have an annual production of 10.5 TWh. The projects are situated 25–27 km off the southern Swedish west coast, north of Gothenburg, and are expected to reach commercial operations in 2031. The Posidedon wind farm comprises two sites—Poseidon North, where floating wind turbines are planned to be installed, and the fixed-bottom Poseidon South zone. The Vidar project will be located in water depths ranging from 100-300 metres and will consist solely of floating wind turbines. Both Poseidon and Vidar are expected to feature 61–94 wind turbines with a rated individual capacity of at least 15 MW.

The supply of electricity production in Sweden is driven primarily by hydropower, nuclear power, and wind power, with nuclear power accounting for about a third of the country’s energy needs. However, increasing domestic electricity demand has pushed the country to shift its focus towards offshore wind projects. In February, the Swedish government released a plan to build offshore wind power plants that will generate 20–30 tWh of clean power annually, with the aim of reaching 120 tWh/yr at a later stage. The state has identified areas in the Gulf of Bothnia, Baltic Sea, and North Sea and has marked these for development. Sweden currently uses nearly 140 TWh/yr of electricity, with this amount expected to increase in the future as the country phases out the use of fossil fuels in its transport and industrial sectors. The North Sea, being a major legacy production site for oil and gas, will play a key part in Europe’s green transformation via offshore wind, with the installed capacity of such power plants in the region expected to increase to 65 GW by 2030. Vattenfall is one of the leading renewable energy players in Europe and is one of the founding members of the AquaVentus initiative, which aims to install 10 GW of offshore wind-powered hydrogen production capacity in the German North Sea by 2035.

Matt Chester's picture
Matt Chester on Jun 21, 2022

I love that they're named Vidar and Poseidon-- is it common for large scale assets like this to have themed/fun names? If not, I'd like to see it more often. 

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