trending Market Intelligence /marketintelligence/en/news-insights/trending/9Z2a_UPAxa8XF5DTXpmw3A2 content esgSubNav
In This List

Vattenfall completes financing for 604.8-MW wind farm offshore Denmark


Japan M&A By the Numbers: Q4 2023


See the Big Picture: Energy Transition in 2024


IR in Focus | Episode 10: Capital Markets Outlook


Infographic: The Big Picture 2024 – Energy Transition Outlook

Vattenfall completes financing for 604.8-MW wind farm offshore Denmark

Vattenfall AB said Dec. 20 that it completed financing for the 604.8-MW Kriegers Flak wind project off the east coast of Denmark.

The company said the project will comprise 72 Siemens Gamesa Renewable Energy SA turbines, and operation is expected to begin by the end of 2021.

The project is also contracted to supply one-fifth of its production to biotechnology company Novozymes A/S and healthcare company Novo Nordisk A/S and will take effect Jan. 1, 2020.

"The investment in Kriegers Flak will significantly increase Vattenfall's offshore capacity," Vattenfall CEO Magnus Hall said in a news release.

The Swedish company is awaiting a decision from the Danish Energy Board of Appeals regarding the Vesterhav Nord and Syd sites in the North Sea off the west coast of Denmark. Once the appeal process is finalized, Danish authorities will look into the construction approval request for the projects. These two wind projects will host 41 turbines with a combined capacity of 344.4 MW. The projects represent a total investment of €1.7 billion.

"Vesterhav Syd & Nord are offshore wind farms with great potential, and we are confident that they are fully in line with the framework awarded to us by the Danish state. However we find it prudent to review the result of the appeals against Vesterhav Syd before taking further steps," Vattenfall Senior Vice President Gunnar Groebler said.

The projects, with a total capacity of 949 MW, will boost Vattenfall's offshore wind production by almost 25%, according to the company.

Siemens Gamesa is a subsidiary of Siemens AG.