•  
  •  
  •  

Norwegian wind turbine maker Seawind goes bankrupt - report

The Seawind two-bladed demonstrator.

January 22 (Renewables Now) - Seawind Systems AS, a Norway-based manufacturer of two-bladed wind turbines, has filed for bankruptcy in the Stavanger District Court, the Sysla reported last week.

The company has not been able to secure a key loan and it lacks funds to pay December 2017 and January 2018 salaries to certain employees.

At the start of 2017, Seawing and Dr.techn.Olav Olsen AS agreed to jointly invest in a 6.2-MW demonstration project using the two-bladed offshore wind turbine design. The wind farm was to be installed in Karmoy this year.

Seawind sought financial support for the project from Enova, a public enterprise in Norway, responsible for the promotion of environmentally-friendly energy production and consumption, but its application was rejected. According to the report, the rejection came from the fact that Seawind did not have the needed financial feasibility and its technology was not mature enough.

The pilot project required an investment of less than EUR 30 million (USD 36.8m).

(EUR 1.0 = USD 1.227)

More stories to explore
Share this story
Tags
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription