Shipping magnate looks to wind

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Norwegian shipping magnate Fred. Olsen has applied to the Ministry of Petroleum and Energy for permission to study coastal areas with a view to building an offshore wind farm, Dagens Næringsliv newspaper reports. Initially, Olsen will set up a monitoring station, similar to several already operated by the Olsen group off the British coast, to record wind and wave activity over two years. Olsen formed a subsidiary company, Fred. Olsen Renewables, last summer in order to consolidate a variety of wind projects and shareholdings in wind companies. These include 50% ownership of the Swedish company Eurowind ab, which in turn owns 81% of Örestads vindkraftpark ab, through which Olsen is involved in building a 48 turbine offshore installation near the Swedish city of Malmö. The Malmö project will produce 300 GWh annually, increasing Swedish wind production by 70%, by the end of 2002.

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