Norway Bets Big on Offshore Wind
Norway announced on Monday a tender for three project areas for floating offshore wind in a highly-anticipated first competition for this type of renewable energy in the Nordic country.
The Norwegian Energy Ministry, which said earlier this year that it would bet on floating wind instead of fixed-bottom offshore wind, is now opening competition for project areas for offshore wind in Utsira Nord outside the coast of Rogaland off Norway's southwest coast.
The installed capacity in each project area cannot exceed 500 megawatts (MW), according to the competition tender, in which applications for projects will be received until September 15, 2025.
Norway will subsidize the projects, for a total of $3.4 billion (35 billion Norwegian crowns) cap for state aid at Utsira Nord.
Winning bids will have two years to mature their projects and participate in an auction for state aid as a direct grant in 2028 or 2029.
The model for allocating project areas and government support – developed in dialogue with the offshore industry – is adapted to floating offshore wind and will contribute to both technology development and cost reductions for subsequent projects, Energy Minister Terje Aasland said in a statement.
Earlier this year, Norway scrapped plans to hold a fixed-bottom offshore wind tender at the Sørvest F offshore area in 2025, due to high costs to connect power to the grid.
Instead of fixed-bottom offshore wind at Sørvest F, the Norwegian government will prioritize floating wind in the tenders with radial links to the grid, the energy ministry said in February.
Norway's floating wind tender comes as the global offshore wind industry continues to face significant headwinds relating to supply chain, regulatory, and macroeconomic developments.
Orsted, the world's biggest offshore wind project developer, earlier this month warned of a continued challenging environment for the industry.
Due to higher costs and interest rates, the company announced it had decided to discontinue the development of the Hornsea 4 offshore wind project in the UK in its current form.
By Michael Kern for Oilprice.com
More Top Reads From Oilprice.comRead this article on OilPrice.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
Banqup Group completes the divestment of 21grams group
Press Release - Inside Information La Hulpe, Belgium – 5 June 2025, 7:00 p.m. CET – Inside Information - Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: UPG) (Banqup, Company), a leading provider of integrated business communications solutions, today announced the completion of the sale of all shares in the 21grams group ("21grams") to PostNord Strålfors AB ("PostNord Strålfors"). The transaction was announced on 5 July 2024 and has been completed following the fulfilment of all conditions precedent, including the approval from the Swedish Competition Authority granted on 30 May 2025. The transaction has been completed for a preliminary cash consideration of SEK 158,7 million, on a cash- and debt-free basis, based on an enterprise value of SEK 200 million. The final purchase price remains subject to customary post-closing adjustments, including a review of 21grams' closing accounts. Of the total consideration, SEK 23,5 million remains in escrow for a term of nine months. In addition, SEK 48,4 million of intercompany receivables between Banqup and the 21grams group entities has been settled as part of this proceeds will be used to strengthen Banqup's balance sheet and to further reduce its net financial debt. In 2024, 21grams generated total revenue of € 79,4 million with a gross margin of 17,4% and a positive EBITDA of € 1,9 million. As of 31 December 2024, 21grams employed 76 full-time equivalents across Sweden, Norway, and Denmark. The business will now operate under PostNord Strålfors' ownership. As previously announced, Banqup Group and PostNord Strålfors have signed a strategic partnership agreement to accelerate the rollout of the Banqup platform across the Nordic region. Under the agreement, PostNord Strålfors will act as the exclusive distributor of Banqup in Sweden, Norway, Denmark, and Finland for a period of at least five years and will utilise Banqup's e-invoicing infrastructure to support its corporate clients in sending e-invoices to destinations outside the Nordics. This partnership is designed to create an interconnected solution, providing broader coverage and more efficient services for clients across and beyond the Nordic region. Both parties are committed to supporting the rollout and development of the Banqup platform and to jointly strengthening the distribution network and customer support services. Nicolas de Beco, CEO of Banqup Group, commented: "The completion of the 21grams divestment marks another milestone in our strategic transformation into a pure-play SaaS provider and aligns with our focus on growing core digital services whilst also strengthening our balance sheet. Furthermore, the strategic partnership with PostNord Strålfors will create new opportunities, and we look forward to leveraging their extensive network to accelerate the adoption of our Banqup platform across the Nordic markets. I would like to thank our employees in the Nordics for their contributions to our company over the years." Ylva Ekborn, CEO of PostNord Strålfors Group, added: 'PostNord Strålfors, a full-service provider in the customer communication market, is enhancing its offerings through the acquisition of 21grams and a strategic partnership with Banqup Group. This collaboration allows us to deliver a significantly wider range of services with a strong Nordic reach. We see PostNord Strålfors and 21grams as a great match to further evolve our offerings within the customer communication management segment, and we will now focus on the integration of 21grams. Additionally, we look forward to getting to know and welcome our new colleagues onboard'. Financial Calendar: 26 August 2025: Publication of the H1 2025 results (webcast) 13 November 2025: Publication of the Q3 2025 business update Contacts Alex Nicoll Rebecka MathersInvestor Relations Communications Banqup Group PostNord Strålfors About Banqup Group Banqup Group delivers integrated cloud-based SaaS solutions to streamline business transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. Banqup, our solution for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. eFaktura World, our solution for governments, is a comprehensive digital platform designed for tax administrations to implement e-invoicing and streamline both B2G and B2B tax reporting flows. To learn more about Banqup Group and our solutions, please visit our website: Unifiedpost Group | Global leaders in digital solutions About PostNord Strålfors PostNord Strålfors simplifies the communication of invoices and vital business information between companies and their customers and partners. Our omnichannel solution enables companies and organisations to engage with customers, citizens and members through their preferred channels, while our integration solutions automate business processes. PostNord Strålfors is a leading actor in customer communication management and a critical part of the Nordic communication infrastructure. It handles over 1 billion transactions annually and generates SEK 2,2 billion in turnover (2024). PostNord Strålfors operates in Sweden, Norway, Denmark and Finland and is part of the PostNord Group, a leading provider of communication and logistics services in the Nordic region. For more information, go to PostNord Strålfors ( Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Banqup Group and the markets in which it is active. Such forward-looking statements are based on management's current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Banqup Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements. Attachment Press releaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
DNO Raises USD 400 Million in Hybrid Bonds
5 June 2025 – DNO ASA, the Norwegian oil and gas operator, today completed a private placement of USD 400 million of subordinated hybrid bonds with a coupon rate of 10.75 percent. The hybrid bonds will have the first call at 100 percent of nominal value after 5.5 years, with coupon step-up after six years and maturity in 2085. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed. 'This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,' said DNO's Executive Chairman Bijan Mossavar-Rahmani. 'Given its features, including treatment as equity not debt on DNO's balance sheet, a hybrid bond fits well with our financing structure following closing of the Sval Energi Group AS acquisition later this month,' he added. Settlement is expected on or about 17 June 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to refinance financial indebtedness in Sval Energi and for general corporate purposes. Arctic Securities AS, DNB Carnegie, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the transaction. AGP Advokater AS acted as legal advisor to the Company. – For further information, please contact:Media: media@ – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire and Yemen. More information is available at – This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This release does not constitute any offer or solicitation to sell or purchase any securities. The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Prospectus updates
Lysaker, 5 June 2025 The prospectuses have been updated as the document structure between SKAGEN funds and Storebrand funds have been aligned with the latter. There are no material changes, but all prospectuses now follow same structure consisting of: Two fund specific pages (pages 1-2) containing information such as investment objective, benchmark and information about active shareclasses Following six pages (pages 3-8) containing general prospectus information such as unitholders' rights and obligations, subscriptions and redemptions, custodian, tax rules, management company, the Board, outsourcing, etc., and hence, this part is common for all the funds. Following a variable amount of pages (from page 9) containing the fund's articles of association. Finally, follows the fund's SFDR Disclosure, annex II for article 8 funds and annex III for article 9 funds. General updates of the Prospectuses In addition to the above, the Prospectuses have also been subject to general updates, including Board Members and renumerations of the Board and CEO. The Prospectuses can be found herein, or at and RegardsStorebrand Asset Management AS Contacts: Henrik Budde Gantzel, Director, Aasen, Product Manager, fdc@ Fund name and share class Symbol ISIN SKAGEN Focus A SKIFOA NO0010735129 SKAGEN Global A SKIGLO NO0008004009 SKAGEN Kon-Tiki A SKIKON NO0010140502 SKAGEN m2 A SKIM2 NO0010657356 SKAGEN Vekst A SKIVEK NO0008000445 Storebrand Indeks – Alle Markeder A5 STIIAM NO0010841588 Storebrand Indeks – Nye Markeder A5 STIINM NO0010841570 Storebrand Global ESG Plus A5 STIGEP NO0010841604 Storebrand Global Solutions A5 STIGS NO0010841612 Storebrand Global Multifactor A5 STIGM NO0010841596 Storebrand is Norway's largest private asset manager with an AuM of around DKK 900 billion, and a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 30 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. In Denmark, Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Storebrand Funds, SKAGEN Funds, Cubera Private Equity, Capital Investment and a majority ownership of AIP. Attachments SKAGEN Focus Prospectus_ENG SKAGEN Global Prospectus_ENG SKAGEN Kon-Tiki Prospectus_ENG SKAGEN m2 Prospectus_ENG SKAGEN Vekst Prospectus_ENG Storebrand Global Multifactor Prospectus_ENG Storebrand Global Plus Prospectus_ENG Storebrand Global Solutions Prospectus_ENG Storebrand Indeks - Alle Markeder Prospectus_ENG Storebrand Indeks - Nye Markeder Prospectus_ENG
