In light of the challenging financial environment for European power utilities, Vattenfall needs to “prioritise its investments”, Vattenfall UK manager Peter Wesslau says.
The company has invested some £5m in the EOWDC to date, he revealed, and says Vattenfall still plans to be a part of the project, although with a diluted shareholding.
“Like all energy companies across Europe, there are constraints on our capital budgets and so Vattenfall has had to prioritise its investments, which means calling on new investors to help realise [the project],” Wesslau adds.
In late March the 11-turbine EOWDC – sited off Aberdeen Bay – received a jolt of momentum when it pinned down its final consents from the Scottish government, in a development seen as a huge setback for the project’s chief antagonist, the US business tycoon Donald Trump.
The project is a joint venture between Vattenfall, French engineering group Technip and the Aberdeen Renewable Energy Group (Areg).
The partners are calling on the broader offshore wind sector to come forward with fresh investment for the project, which is seen as a critical stepping stone on the way toward deeper offshore wind projects in Scottish waters.
Morag McCorkindale, chiefoperating officer at Areg, says: “We believe that attracting investment from the widerindustry will make for an even more compelling proposition for Scotland.
“It offers anopportunity for collaboration and to increase the number of representatives inthe consortium would hugely benefit the project as well as both the public andindustrial sectors in terms of jobs creation and inward investment."
Now read:Steven Vass looks at the future of Vattenfall's plans for the EOWDC in his latestView From Scotland.
Note: Updated version includes further details and comment.
