SOURCE: Havgul

June 25, 2009 06:17 ET

Havgul to sell Havsul I offshore wind farm

OSLO, NORWAY--(Marketwire - June 25, 2009) -


Havgul AS has today announced that it has contracted to sell the projected wind farm Havsul I, which is due to be built off the northwest coast of Norway at Sandøy, Møre og Romsdal, to Vestavind Kraft AS.

Havsul I will consist of a series of seabed-fixed wind turbines spread over an area of 62 km2, and will be capable of generating a total annual output of around 1 TWh, enough to power some 50,000 households.

"A key factor for us has been to find a solid buyer with the ambition to develop long-term employment opportunities within the wind power industry in Norway. The fact that the buyer is a Norwegian player with strong regional ties is a definite strength," said Harald Dirdal, Managing Director of Havgul AS, a project development company for offshore wind power in Norway.

The team behind Havgul have been frontrunners in developing some of the largest wind power projects in Norway, onshore and offshore. Through the company Havgul Clean Energy AS they are also partners in the development of the 5,000 MW Mariah Project in Parmer county, Texas, USA. (http://www.scandiawind.com/ScandiaWindSouthwest.html)

Awaiting government approval

The sale of Havsul I has been prompted by the desire to bring the project into an industrial phase as quickly as possible if Norway's Petroleum and Energy Ministry upholds the licence to build granted by the Norwegian Water Resources and Energy Directorate (NVE).

The sales agreement with Vestavind Kraft has a milestone structure, which includes that Havgul will retain a seat on the board until a final decision is made with regard to construction. The purpose of this stipulation is to facilitate the transfer of competence.

Good choice

Oddvar Myklebust, mayor of Sandøy, is pleased with the choice of new owner. "It was obvious from the start that Havgul would sell the planned wind farm to an industrial operator. Vestavind Kraft is a good choice, in our opinion. They know our coastline, and have a local connection through one of their shareholders, Tafjord Kraftproduksjon AS."

The NVE made their decision regarding the Havsul projects on 24 June 2008. At that time a licence was granted to build Havsul I. However, an appeal was filed with the Petroleum and Energy Ministry of Norway, which is currently considering the matter.

*          General manager of Havgul, Harald Dirdal, tel: 0047 926
  20 789, harald.dirdal@havsul.no
*          Chair of Vestavind, Ole Bjørn Alvestad, tel: 0047 907
  33 755
*          Mayor of Sandøy, Oddvar Myklebust, tel: 0047 906 58 452.

Attached photo: Managing Director Harald Dirdal, Havgul AS. Photo by: John Petter Reinertsen/Samfoto


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