Norway – The Ventyr group, backed by Japanese power companies and IKEA’s parent company, Ingka, has secured the rights to develop the Norway’s inaugural offshore wind farm in the North Sea.
Norway’s government envisions the recent offshore wind farm tender as a catalyst for driving large-scale offshore power projects in the lead-up to 2040. By initiating the auction for bottom-fixed wind turbines, the authorities aim to unlock the vast potential of offshore wind energy, aligning with the nation’s commitment to a sustainable and carbon-neutral future.
The Ventyr group, comprising Ingka Group, the parent company of IKEA, and Parkwind, a company majority-owned by Japan’s Jera, emerges as the driving force behind Norway’s inaugural offshore wind venture.
Subsidies and Contracts for Difference
The descending-bids auction model resulted in a subsidy of 1.15 crowns ($0.1076) per kilowatt-hour of electricity for the winning bidder, secured through a 15-year contract for difference (CfD) capped at a total of 23 billion crowns. This financial framework ensures stability and incentivizes long-term investment in offshore wind projects, bolstering investor confidence in the sector.
Despite facing formidable contenders, including industry giants like Equinor, RWE, and Shell, Ventyr’s compelling proposal and strategic collaboration propelled it to success.
