Minesto, a leader in ocean energy technology, is moving forward with the construction of the first tidal dragon farm in the Faroe Islands , a first-of-its-kind project. The site, located in the Hestfjord, features the innovative Dragon 12 energy kites, capable of generating a total of 10 MW in its first phase.
This development is part of the Faroe Islands’ ambitious plan to achieve 100% renewable energy by 2030. Minesto’s tidal technology has proven successful, following a pilot programme in which the Dragon 12 and Dragon 4 kites have already been connected to the local power grid.
Strategic collaboration with Ernst & Young
To consolidate the project and attract investment, Minesto has engaged renowned advisory firm Ernst & Young (EY), which will manage the industrial partnerships and financing needed to expand the farm’s capacity. EY’s advisory has a global approach, but will initially focus on the Faroe Islands.
Minesto CEO Dr Martin Edlund said the project is a key step towards commercialising tidal energy on a large scale, highlighting the importance of EY’s support in finding investors and business partners.
Progress on tidal farm in Faroe Islands
The team is currently working on site optimisation, resource modelling and the necessary environmental studies. In addition, the Faroe Islands’ electricity distribution network has been modernised, which will allow for a seamless integration of the energy generated by the dragon farm.
In the next phase, Minesto is expected to complete permit and licensing applications, as well as forming an investment consortium to carry out the full development of the site. This ambitious project could scale up to 200 MW , consolidating the Faroe Islands as a global benchmark in the transition to renewable energy .
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Source and photo: Minesto
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