Swedish Port to Buy Minority Stake in Eolus Vind’s 1 GW Offshore Wind Project

The Gothenburg Port Authority has announced that it intends to buy a minority stake in Eolus Vind’s Västvind offshore wind power project located in the Swedish economic zone.

Under the agreement, the Gothenburg Port Authority will acquire 5 per cent of the shares in the project company that owns Västvind and Eolus will remain as the owner of 95 per cent.

The offshore wind farm is planned to have an installed capacity of 1,000 MW with the potential to generate 4-4.5 TWh of renewable electricity per year.

This corresponds to the current need for electricity and power for the entire city of Gothenburg, said Eolus Vind.

“Västvind could play a key role in western Sweden’s ambitions of becoming northern Europe’s center for the electric vehicles and battery manufacture of the future, and the world’s most climate-smart port logistics. Access to green electricity is a decisive issue in this regard”, said Per Witalisson, CEO of Eolus.

“In practice, 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.”

The developer plans to submit a permit application to the Swedish government in 2023 and potentially launch offshore construction in 2027.

The wind farm could be fully operational in 2029.

The Swedish Government has set a target to produce 120 TWh of electricity annually from offshore wind (or 30 GW in generation capacity).

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