Norwegian investment company Magnora ASA has acquired a stake in a 500MW shallow-water offshore wind project in Northern Europe.
According to Magnora, the final transaction agreements for the offshore wind project have been signed.
The cooperation with the founders and the development of the project will now commence with Magnora obtaining an initial minority ownership stake of up to 5% in exchange for funding of a 12-month feasibility study period ending no later than April 2021.
The Norwegian company said it then has the option to acquire up to 50% of the company through a detailed milestone plan.
“The project is close to relevant infrastructure, and wind conditions are excellent,” said Magnora’s Senior Advisor Haakon Alfstad .
“The project is also located in an area with very attractive electricity prices and will make a significant contribution to reducing both climate impact and health hazards related to fossil fuels.“
The planned project is estimated to produce more than 2TWh per year, delivering power to approximately 250,000 households.