Minesto's Tidal Energy Dragon Farm: A Beacon of Stakeholder Collaboration in Hestfjord, Faroe Islands

The Faroe Islands, an archipelago in the North Atlantic, is poised to become a global leader in renewable energy, with a bold ambition to achieve 100% renewable electricity generation by 2030. At the heart of this ambitious energy transition is Minesto, a pioneering ocean energy developer, and its groundbreaking tidal energy project in Hestfjord. The Hestfjord Dragon Farm, a first-of-its-kind tidal energy array, is a testament to the power of strong stakeholder engagement and collaboration.



Minesto's journey in the Faroe Islands began with a strategic partnership with SEV, the local utility company, and the Faroese government. This collaboration has been instrumental in the successful development and implementation of the Hestfjord Dragon Farm project. The project's total planned capacity is about 30 MW, with an estimated annual yield of 84 GWh, equivalent to 20% of the total Faroese energy consumption in 2021. The project is expected to contribute significantly to the Faroe Islands' energy mix, enhancing energy security and sustainability.

The Hestfjord Dragon Farm project is a prime example of how effective stakeholder engagement can drive the successful implementation of renewable energy projects. Minesto has actively engaged with a broad range of stakeholders, including Faroese suppliers, energy companies, academia, authorities, politicians, and the business community. This inclusive approach has fostered a genuine interest from Faroese investors and actors, who are eager to become part of the journey towards the realization of the world's first tidal "Dragon" farm of 10 MW in Hestfjord.

Minesto's CEO, Dr. Martin Edlund, has emphasized the importance of local collaboration and investments in the project's success. He stated, "The Hestfjord Dragon Farm will be a first-of-a-kind tidal energy array. We actively work with SEV and the Faroese community with site development to plan for infrastructure and obtain vital permits. There is a genuine interest from Faroese investors and actors to become a part of this journey." This sentiment is echoed by Hákun Djurhuus, CEO of SEV, who highlighted the value of the collaboration with Minesto in pioneering tidal energy and the potential of tidal power to be the key enabler in reaching the target of 100% sustainable electricity generation.

The strong political will and determination of SEV and the Faroese government to take the energy transition all the way to net-zero have also contributed to the successful development of the project. The Faroe Islands' ambitious energy transition scheme, aiming for 100% renewables by 2030, has provided a supportive policy environment for the project. This commitment to renewable energy has not only attracted investments from Minesto but has also positioned the Faroe Islands as an ideal location for the first build-out of Minesto's dragon farms.

In conclusion, the Hestfjord Dragon Farm project is a shining example of how strong stakeholder engagement and collaboration can drive the successful implementation of renewable energy projects. Minesto's partnership with SEV and other stakeholders has been instrumental in the project's progress, and the project's potential to contribute to the Faroe Islands' energy mix is significant. As the project moves forward, it is clear that the future of renewable energy in the Faroe Islands is bright, and the Hestfjord Dragon Farm is a beacon of this promising future.