Home Europe & UK Fortum and Nordkraft form JV for Norwegian wind power development
Fortum and Nordkraft form JV for Norwegian wind power development

Fortum and Nordkraft form JV for Norwegian wind power development

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Fortum and Norwegian energy company Nordkraft have formed a joint venture, Fortum Nordkraft Vind DA, to develop new wind power projects in Norway. The two companies have been successfully co operating in Norwegian wind power since 2017 when Fortum entered the Norwegian wind market. Mr Joonas Rauramo, Vice President Wind at Fortum said that “Fortum’s goal is to grow substantially in Nordic wind and Norway has an important role in this strategy. With the joint venture, we aim to combine the expertise of Fortum and Nordkraft to develop high quality wind power projects in Norway.”

Mr Jon Ingebrigtsen, Project Director at Nordkraft said that “We have had a very good cooperation with Fortum in wind power and we are happy to now formalize our joint development efforts in Fortum Nordkraft Vind DA. This is important for the goal of building more renewable energy and to implement Nordkraft’s project development strategy.”

Fortum purchased three Norwegian wind power projects from Nordkraft in 2017. Fortum now owns Nygårdsfjellet wind farm in Narvik and Ånstadblåheia wind farm in Sortland. Sørfjord wind farm in Tysfjord is currently under construction. Altogether, the three wind parks will have an installed capacity of 170 megawatts. Following the acquisition of the projects in 2017, Nordkraft has continued to support Fortum in construction, and operation and maintenance of the projects.

Based on its strategy, Fortum will continue to build on its long-standing expertise to grow in CO2-free power generation. Fortum’s ambition is to increase the company’s solar and wind portfolio to a multi-gigawatt scale. Fortum’s business model in renewables consists of development, construction, and asset management of solar and wind assets. Fortum utilises partnerships and other forms of co-operation to maintain a more asset-light structure.

Source : STRATEGIC RESEARCH INSTITUTE, STEELGURU
Anand Gupta Editor - EQ Int'l Media Network