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 tidal power plants in Vestmanna and is an extension of the first off-taker relationship in the world where energy from Minesto’s unique tidal energy dragons is supplied.
”The updated PPA is on a price-level that underlines the value of tidal energy in energy mix in the Faroe Islands,” said Dr Martin Edlund, CEO of Minesto.
“We are pleased to sign a renewed power purchase agreement with Minesto at this point. We are very hopeful that tidal energy will play a vital role in the future energy mix in the Faroe Islands and in our efforts to reach 100% sustainable electricity generation by 2030,” said Terji Nielsen, Head of R&D at Sev.
For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com
About Minesto
Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling plannable commercial power production from the ocean.
Minesto’s award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
With more than €45 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.
Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via minesto.com/media
Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.