In order to support the project and handle interest from various parties in the technology, Minesto has engaged internationally recognized advisory firm EY to provide hands-on support related to project financing and industrial partnerships. The collaboration has a global scope, with an initial focus on the first tidal energy build-out in the Faroe Islands—The Hestfjord Dragon Farm (10+20 MW).
“Scaling up the technology by initiating the Hestfjord Dragon Farm build-out is a major milestone for Minesto in providing commercial-scale tidal energy. It’s of great value to have support of the EY team to help in discussions with various interested parties when it comes to financial and/or commercial partnerships,” said Dr. Martin Edlund, CEO of Minesto.
The site development activities in Hestfjord are ongoing and include resource modeling and assessment, detailed site optimization, grid connection, environmental assessments, and monitoring. In addition, the recent upgrade of a local onshore electric distribution grid will accommodate the needs of the Hestfjord tidal farm.
In the next phase, the permit and license applications will be completed, and an investment consortium will be formed to undertake the final site development and installation work.
