Eolus sells minority stake in 1-GW offshore project to Swedish port

The Gothenburg Port Authority, the operator of the largest port in Scandinavia, will buy a minority stake in the 1-GW Vastvind offshore wind project proposed by domestic renewables developer Eolus Vind AB (STO:EOLU-B) in waters within the Swedish economic zone.

Under the arrangement, the Port Authority will acquire 5% of the shares in the project company, while Eolus will keep a 95% interest, the developer said on Tuesday. The financial details of the purchase were kept under wraps.

The Vastvind wind farm is planned to be installed in the municipalities of Kungalv and Ockero, outside the Port of Gothenburg, and will be capable of generating electricity to cover the entire power consumption of the city of Gothenburg. Its annual output is estimated at between 4 TWh and 4.5 TWh. The complex could become operational in 2029.

Eolus intends to submit a permit application with the Swedish government in 2023 and potentially launch construction in 2027.

“[..] offshore wind power is the only source of energy that can contribute such large amounts of new electricity generation in the timeframe up until 2035,” commented Per Witalisson, CEO of Eolus.

The Port of Gothenburg has undertaken a green transformation plan envisaging a multi-fold increase in the port’s power requirements through 2030.

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