Minesto and Sev renew and update Power Purchase Agreement – underlining the value of tidal energy in the Faroese energy mix
Leading ocean energy developer Minesto and pioneering Faroese utility company Sev have jointly renewed and updated the power purchase agreement (PPA). The price-level is adjusted to denote the total system value of tidal energy in the future 100% renewable energy mix in the Faroe Islands.Initially signed in 2020, the PPA between Minesto and Sev is now updated and renewed for two more years after approval from the Energy Agency in the Faroe Islands (Orka). The electricity price-level is upgraded to reflect the total system value of tidal energy. The PPA covers the capacity of the three