Further to our August 15th coverage, Swedish marine energy developer Minesto AB reports it has entered into an agreement with electric utility SEV for the installation of two DG100 tidal energy converters in the waters surrounding the Faroe Islands, in he North Atlantic.
SEV will provide the infrastructure for the grid-connected project, and purchase the output of the two subsea kite devices under long term PPA. Installation of both devices is to be completed in 2020. The project will be funded through a mix of equity and resources from Minesto and SEV, plus public funding grants. The Faroe Islands are planning a transition to 100 pct renewable power by 2030. (Source: Minesto AB,PR, Renewables Now, 12 Nov., 2018)