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Dong makes final investment decision on 1.2-GW wind project off UK

The Borkum Riffgrund 1 offshore wind farm. Source: Dong Energy A/S. License: All rights reserved.

February 3 (SeeNews) - Danish utility Dong Energy A/S said on Wednesday it has made a final investment decision on the 1.2-GW Hornsea 1 offshore wind project in UK waters.

Upon completion in 2020, Hornsea 1 is anticipated to be the world’s first offshore wind farm to exceed 1 GW. The project was granted a Contract for Difference (CfD) in April 2014 and will receive a fixed tariff for the first 15 years of electricity generation.

The plant will be located off the Yorkshire coast in the North Sea, at the centre of the Hornsea development zone. Dong also owns the rights to the Hornsea projects 2 and 3, which have the potential of 3 GW offshore wind capacity.

In July 2015, Dong appointed Germany’s Siemens AG (ETR:SIE) as the preferred supplier of 7-MW turbines for the project. Together, its machines will be able to produce enough power for well over one million UK homes.

“Reaching our strategic target is important as volume is required to reduce the cost of a new technology. It is vital in order to make all players in the value chain advance up the learning curve. As such Hornsea will be another major step in our ongoing efforts to significantly reduce the cost of electricity for offshore wind,” said CEO Henrik Poulsen.

Dong targets to install 6.5 GW of offshore wind farms by 2020 and the Hornsea 1 development is the final stage towards achieving that goal, it said.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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