Investment into energy generation from renewable sources continues to increase as the returns on investment become increasingly attractive to individual and institutional investors.
Norway-based investor Magnora has finalised a deal to take a 5% stake, with an option to rise to 50%, in a 500MW shallow-water offshore wind farm that is under-development. The company stated that the planned project is expected to produce more than 2 terrawatt-hours of electricity a year in a region with high demand and a low supply of clean power.
The project is close to relevant infrastructure, and wind conditions are excellent. It is located in an area with very attractive electricity prices and will make a significant contribution to reducing both climate impact and health hazards related to fossil fuels.