With a combined investment of €20 billion, the two offshore wind projects in the Baltic Sea being developed by Swedish wind energy developer OX2 and investment company Aland Spanken Fond Bulag will be the largest in the world.
Ox2 CEO Paul Stormoen told Bloomberg on Friday that “we’re betting a lot in that area, but that doesn’t imply we’ve stopped developing onshore or solar.” There are many various sources of energy that it offers.
The combined capacity of the Knuaton Seed and Knuaton Nord projects, according to Stormoen, would be 9,000 megawatts, with a total cost of more than 20 billion euros ($19. 6 billion).
According to Stormoen, his company would contribute roughly 5,000 megawatts to the Nuaton projects. This is sufficient to power many million homes. North and south of the Finnish Aland Islands are where the projects are situated.
Since they have a lot more energy than they require, he explained, they view it as a resource they can use to increase exports and hydrogen production.
A final investment decision might be taken between 2025 and 2026, he continued, noting that the projection is based on current external development costs.
The energy problem has forced European nations to seek domestic energy sources, and one of the options put out still heavily relies on renewable energy.
European officials are sticking to their net-zero goals despite the present energy supply shortages, even if it means using more fossil fuels right now.
Additionally, Northern Europe requires as much fresh electricity as it can receive to support the electrification of everything from heavy industry to transportation.
The largest wind energy project in the world, two projects totalling 20 billion euros are being developed in Sweden.
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