A quarter of the SEK147bn (€16.6bn) that Vattenfall plans to invest during the 2012-2016 will be used to extend further its presence in the European wind energy sector. Offshore wind projects in UK and German waters are likely to eat up most of the €4.2bn Vattenfall has earmarked for new wind investment.
Vattenfall’s renewables business achieved profitability last year, contributing about SEK500m (€56.6m) in underlying operating profit, equivalent to 1% of group-wide operating profit.
Vattenfall describes itself as the world’s second largest player within the global operational offshore wind market. Its offshore operating portfolio includes:
- Thanet (300MW), UK waters
- Horns Rev (160MW, in joint venture with Dong), Danish waters
- Lillgrund (110MW), Swedish waters
Another Vattenfall-owned offshore project - Ormonde offshore wind farm in the Irish Sea – recently began operating and will be inaugurated officially this autumn.
A series of larger offshore projects are also in the pipeline. The 288MW DanTysk offshore wind station, in German waters, is under construction, with Vattenfall pursuing it in conjunction with Stadtwerke München. Cable laying is underway.
Once DanTysk is completed Vattenfall hopes to proceed with development of the 576MW Sandbank wind station. Construction of the latter is not expected to begin until 2015.
Working with Scottish Power Renewables, Vattenfall is developing the UK Round 3 East Anglia offshore wind development zone. The UK government has authorised the two companies' joint venture, known as East Anglia Offshore Wind, the right to develop up to 7.2GW in generating capacity.