Wind farm developer Orsted plans to submit a joint bid with Danish pension fund ATP to finance and build the world’s first renewables energy island in the North Sea.
The artificial island, which will produce and store enough green energy to cover the electricity needs of 3 million European households, was approved by Danish lawmakers in February as part of the country’s ambitious climate targets.
“The North Sea renewables energy island will be a cornerstone in harnessing the Danish offshore wind resources, which can make a substantial contribution towards Denmark’s and Europe’s green transitions and create thousands of jobs in Denmark,” Orsted said in a statement.
Orsted expects the project, which will be majority owned by the Danish state, to be put out to tender next year and a decision to be made in 2023, a spokesman said. The precise terms of the tender have yet to be finalised.
The size of 18 football fields, the island’s initial phase will be linked to hundreds of offshore wind turbines and supply power to households and green hydrogen for shipping, aviation, industry and heavy transport.
The energy island, which will cost about 210 billion Danish crowns ($34 billion), will be located 80km (50 miles) off Denmark’s west coast. Its surrounding wind turbines will have initial capacity of 3 gigawatts and is expected to be operational around 2033.
Orsted is the world’s biggest offshore wind farm developer, having installed nearly a quarter of all offshore wind capacity, while ATP is among Europe’s largest pension funds with 960 billion crowns under management.
Originally published at Reuters