News

June 2018

VEO signs a significant wind power project in Norway

VEO has signed up to 197,4 MW-wind farm project Guleslettene in Norway with one of the world’s largest asset managers and leading investor in renewable energy, BlackRock. The project will be built on the west coast of Norway, about 10 kilometres north of the city of Florø. The wind farm has a project cost of approximately NOK 2 billion and is scheduled to be completed in 2,5 years.

“We are pleased to work with VEO on the Guleslettene wind project as they have significant experience in the wind and power sector in Norway”, says Sverker Åkerblom, portfolio manager in the Renewable Power investment team at BlackRock Real Assets.

VEO will supply a turnkey solution for the electrification of the wind farm. The delivery contains system studies with pre-engineering, detail engineering, a high-voltage substation including civil works and power transformer, medium-voltage switchgear as well as protection and control systems installed and commissioned. VEO’s work will start immediately and the substation will be delivered and energized in April 2020.

Once operational, all of the electricity produced at the wind farm will be used at Norwegian production plants. Alcoa Norway ANS has newly announced a power purchase agreement for the first 15 years of operation.

Zephyr, one of Norway’s leading wind farm developers and operators, will manage the construction and, once operational, manage the project. So far, Guleslettene is the largest wind farm project for Zephyr with its annual power production is equivalent to consumption of 40 000 Norwegian households.

“We look forward to build the Guleslettene wind farm and are very pleased to have VEO as a partner and supplier of the electrotechnical part of the project. VEO is an experienced supplier of electrical solutions for both hydro and wind power plants in the Nordic region and will, with its delivery, help us to supply electricity of right quality”, says Olav Rommetveit, Managing Director at Zephyr.

The Managing Director Viktor Forss at VEO AS is proud of VEO being chosen as the supplier for the project.

“Being Zephyr’s largest development project, and, with BlackRock as the investor, this ones again confirms that VEO is a reliable and preferred partner for wind farm electrifications in the Nordics”, concludes Viktor Forss, Managing Director at VEO AS. 

MORE INFORMATION

Viktor Forss, Managing Director, VEO AS, +47 91 67 06 99, viktor.forss@veo.no

 

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of March 31, 2018, the firm managed approximately $6.317 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com

About Zephyr

Zephyr was established in 2006 and is today one of the leading Norwegian companies in the development, construction and operation of wind farms in Norway. Zephyr has built wind farms with a total installed capacity of more than 300 MW and has a development portfolio of more than 300 MW. Zephyr is owned by the energy companies Østfold Energi AS (50%), Vardar AS (25%) and Glitre Energi AS (25%). www.zephyr.no

About VEO

VEO is an international energy expert offering electrification and automation solutions for power generation, transmission, distribution and utilisation. VEO’s headquarters and factory are located in Vaasa, Finland, and the company with its subsidiaries employs 450 persons in Finland, Sweden, Norway and the UK. VEO Group’s turnover in 2017 amounted to EUR 88 million, of which 70 per cent is exports. www.veo.no

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