AFK, Ferd Create Offshore Wind JV Targeting Norwegian Tender


June 2, 2021
Credit: chungking/Adobestock

Credit: chungking/Adobestock

Investment firms Arendals Fossekompani (AFK) and Ferd have formed an offshore wind joint venture named Seagust to seek acreage in an upcoming tender in their native Norway, the companies said on Wednesday.

The venture will join several others that plan to bid in Norway's first offshore wind tender.

"We have a huge opportunity in Norway to take the technologies that have been developed for offshore operations in general and make them part of a green value chain. For us it's important to be part of this," Seagust Chairman Morten Henriksen told Reuters.

Both AFK and Ferd own stakes in suppliers to the offshore wind sector.

AFK, which invests in green energy-related ventures, holds a majority stake in Volue, a technology and analysis provider to European energy markets.

Privately-owned Ferd is one of Norway's largest investment firms and has a 50% stake in Aibel, a supplier to the sector.

Seagust is interested in both of the areas the Norwegian government has earmarked for development, of up to 4.5 gigawatts (GW), in the North Sea.

The areas are Utsira Nord, northwest of the oil industry capital Stavanger and suited to floating turbine technology, and Soerlige Nordsjoe II, bordering the Danish sector of the North Sea and suitable for bottom-fixed installations.

Meanwhile, the size of Seagust's planned investment and projects depend on the tender details, Henriksen said. Authorities will provide details on June 11.

The partners also plan to expand into other markets once they have built a position in Norway, but it was too early to name specific countries at this point, he added.

 (Reporting by Nora Buli; editing by Gwladys Fouche and Barbara Lewis)

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