Investor Cloudberry Clean Energy plans to build the Stenkalles Grund offshore wind farm in the waters of Vänern, Sweden’s largest lake. The company has postponed making a final investment decision until mid-2022.
Cloudberry reports in the release that project evaluation and discussions with potential wind turbine suppliers identified several opportunities to improve the economics of the wind project. For this reason, the company has decided to postpone making the final investment decision until mid-2022. As a result, the target date for commercial operation of the project has been pushed back from the second half of 2023 to 2024. The new schedule will allow the Company’s new business segment, Cloudberry Offshore Wind, led by newly appointed Charlotte Bergquist, more time to optimize and integrate the project into the Company’s offshore wind portfolio.
At the same time, Cloudberry is trying to increase its stake in the project, which currently stands at 20 percent. The remaining 80 percent was originally intended for an infrastructure fund managed by Downing. The contract between Cloudberry and Downing had several milestones and a specific completion date that recently expired. The parties did not reach an agreement to renew it, so Cloudberry and Downing mutually agreed to terminate the contract. This is an opportunity for the investor to acquire more shares.
Stenkalles Grund is an offshore wind farm project that will be built in the waters of Lake Sweden. Its capacity will reach 100 MW.
Other phases of the project are continuing as planned. A project agreement has been signed with grid operator Ellevio for the connection of the farm to the Dingelsundet substation.
Cloudberry is also working closely with Ventolines, a Dutch service provider in the RES sector. The Dutch have successfully developed the 383 MW Fryslân wind project, which is located on a large shallow lake north of Amsterdam. The key participants from this project joined Cloudberry’s project team to optimize project delivery.
Cloudberry wants to be a significant developer of shallow-water wind turbines. The company aims to achieve 2.5 GW of offshore wind capacity in the Baltic Sea region by 2030.