Minesto receives European Commission funding for Faroe project

Swedish marine energy developer Minesto AB will receive a EUR-2.5-million (USD 2.8m) EU grant to install its Deep Green technology in the Faroe Islands for utility customer SEV.

That’s according to renewablesnow.com.

The grant comes from the second phase of the European Commission’s SME Instrument programme and is of the maximum possible amount. In June 2018, Minesto won a EUR-50,000 grant from the first phase of that programme.

In November 2018, the Swedish firm signed an agreement with SEV to install two DG100 tidal energy converters in the waters surrounding the Faroe Islands.

SEV also committed to buy the output of the two subsea kite devices under a power purchase agreement.

Faroe Islands have ambitious goals for a bright green energy future. By year 2030 the Faroe Islands aim for 100% green electrical energy.

Due to its favourable site conditions, the Faroe islands are surrounded by renewable energy in the form of hydro, wind, tides and waves, and to a certain extent solar energy.

Author: Jens Hákun Leo