ASX-Dividend-Report-Banner

Minesto and Sev renew and update Power Purchase Agreement - underlining the value of tidal energy in the Faroese energy mix

June 11, 2024 12:20 AM AEST | By Cision
 Minesto and Sev renew and update Power Purchase Agreement - underlining the value of tidal energy in the Faroese energy mix
Image source: Kalkine Media

GOTHENBURG, Sweden and VÄSTRA GÖTALAND, Sweden, June 10, 2024 /PRNewswire/ -- 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
[email protected]

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/minesto-ab/r/minesto-and-sev-renew-and-update-power-purchase-agreement---underlining-the-value-of-tidal-energy-in,c3998300

The following files are available for download:


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.