Agder Energi and Green Investment Group team up for Norwegian floating offshore wind opportunity

Agder Energi, a leading Norwegian power utility, and Macquarie’s Green Investment Group (GIG), one of the world’s leading green investors and developers, have formed a partnership to bid for a floating offshore wind project at Utsira Nord, in the Norwegian North Sea.

Utsira Nord (1.5 GW) is one of two areas the Norwegian Government opened to licensing applications for offshore wind development. With deep waters, proximity to industrial energy users, and strong wind conditions the Utsira Nord area is suitable for floating offshore wind development.

Through the partnership, GIG and Agder Energi aim to help the Norwegian government achieve their 2050 net zero target, foster growth in the Norwegian offshore wind supply chain, drive innovation in Norwegian energy markets, and support high-skilled local job opportunities.

“In addition to providing an important contribution to Norway’s renewable energy capacity, offshore wind represents a significant opportunity for Norway in terms of creating jobs and increased supplier activity. Norway has strong offshore industrial expertise, which can be applied in the emerging floating wind industry. With the extensive experience Green Investment Group brings in offshore wind development worldwide, and floating wind in particular, we can help Norway create a world class offshore wind industry,” said Steffen Syvertsen, CEO of Agder Energi.

“Norway has vast potential for floating offshore wind development, and we are delighted to be participating in the upcoming licensing round with Agder Energi. Agder Energi’s Norwegian energy market expertise and regional presence combined with GIG’s global floating offshore wind and infrastructure experience make for a strong partnership that can drive forward the floating offshore wind sector and provide a launch pad for Norway’s supply chain to engage with the global floating offshore wind opportunity,” said Edward Northam, Head of GIG UK and Europe.

With over 15 GW of offshore wind capacity under development, and over 10 years experience, GIG is one of the sector’s leading developers. GIG is also a first-tier global floating offshore wind developer with a potential cumulative capacity of 4.5 GW, including partnerships to co-develop floating offshore wind in South Korea (2.3 GW), Japan (1.9 GW) and France (270 MW).

GIG also has rights to develop a 1.5 GW project in UK through the 4^th licensing round and recently secured rights to develop a 2 GW project in Scotland through the ScotWind leasing round.

Agder Energi is Norway’s fourth largest producer of renewable hydroelectric power, with 49 hydropower stations and an annual production of 8.7 TWh flexible production. The group operates a regional grid with 200,000 customers in the entering area (Price Area NO2) for the connection from Utsira Nord.

The renewable energy group is also experienced in subsea interconnectors and renewables development and has strong power system capabilities. With over 30 TWh under management, Agder Energi brings market knowledge and development expertise to the partnership.