Vattenfall takes final investment decision for Horns Rev 3

Swedish state-owned utility Vattenfall AB said today it is about to start construction of the 400-MW Horns Rev 3 wind park off Denmark’s west coast.

The project calls for an investment of a bit over EUR 1 billion (USD 1.1bn). It will be commissioned in just under three years, Vattenfall pointed out.

In June 2015 it was announced that MHI Vestas Offshore Wind had been selected as preferred supplier of turbines, of the V164-8 MW model, for the project. Today Vestas Wind Systems (CPH:VWS), which owns 50% of the joint venture with Mitsubishi Heavy Industries (TYO:7011), confirmed that a conditional agreement has been signed. The company will issue another statement once there is a firm and unconditional order.

Vattenfall won the concession to build and operate offshore wind farm at the end of February 2015. “Horns Rev 3 is the cheapest recent offshore project and the experience we have gained from our other wind projects had a very positive impact,” said Gunnar Groebler, Head of Vattenfall Wind.

The Swedish company owns about 1.3 GW of offshore wind. Its president and CEO Magnus Hall said the company “supports the transition to a totally renewable energy system and takes up the challenge, in spite of current low electricity prices and excess capacity.”

(EUR 1 = USD 1.120)

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