Vattenfall Invests in Ocean Energy in Ireland

Vattenfall has acquired 51% of the Irish ocean energy site development company Pandion Ltd for €500,000 [US $655,550]. Ocean energy developer Wavebob Ltd will hold the remaining 49% of Pandion and the agreement allows opportunities for further partners to participate.

Pandion has applied for permission to develop ocean energy sites on the west coast of Ireland, which could be developed to a commercial size, more than 250 megawatts (MW) of capacity, when the company deems  it technically and economically viable.

For Vattenfall the investment in Pandion is a first step towards a leading position on the emerging ocean energy market, fully in line with its planned investments in sustainable energy solutions, the company said.

“Ocean energy has large potential to contribute to the implementation of Vattenfall’s climate vision to be climate neutral by 2050. It is important for us to reach our growth targets, which are based on renewables, nuclear power and coal with CCS technology,” said Lars Josefsson, president and CEO of Vattenfall.

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