Ocean energy developer Minesto is advancing its plans to build a groundbreaking tidal energy site in the Faroe Islands, marking a significant step in its efforts to harness marine energy. The Hestfjord Dragon Farm, which will feature Minesto’s innovative Dragon 12 kites, will generate up to 10 MW of renewable energy in its first phase. This project forms part of the Faroe Islands’ ambitious drive to achieve 100% renewable energy by 2030, positioning tidal energy as a crucial contributor to the nation’s energy transition.
The Hestfjord Dragon Farm, the first tidal energy array of its kind, builds on Minesto’s successful utility-scale installation of the Dragon 12 technology in Vestmanna. The successful demonstration of this technology has generated substantial interest from various parties, prompting Minesto to appoint Ernst & Young (EY) as a strategic advisor. EY’s role will focus on securing investments and industrial partnerships to support the project and the wider deployment of tidal energy technology.
Dr Martin Edlund, CEO of Minesto, described the development as a critical milestone in the commercialisation of tidal energy. “Scaling-up of the technology by initiating the Hestfjord Dragon Farm build-out is a major milestone for Minesto in providing commercial-scale tidal energy. It’s of great value to have the support of the EY team in discussions with various interested parties regarding financial and commercial partnerships,” he said.
Minesto’s involvement in the Faroe Islands is part of one of the most ambitious renewable energy plans in the world. Following several months of pilot testing, with two Minesto Dragon kites – the Dragon 12 and Dragon 4 – already connected to the power grid, the technology has demonstrated its potential to deliver stable and clean energy. The Hestfjord Dragon Farm’s initial 10 MW phase is just the beginning, with a long-term vision to expand capacity to 200 MW in the future.
To support the development of the tidal energy array, EY will assist Minesto in navigating the complexities of project financing and securing industrial partnerships. The collaboration has a global scope, but for now, the focus is on the Hestfjord Dragon Farm, which could expand beyond the initial 10 MW to include an additional 20 MW in the near future.
Site development at Hestfjord is currently ongoing, with resource modelling, environmental assessments, and detailed site optimisation underway. Grid connection efforts are also progressing, and recent upgrades to the local onshore electrical distribution network will ensure it can handle the output of the tidal farm once operational.
As the project moves forward, Minesto plans to submit permit and licence applications and form an investment consortium to oversee the final stages of site development and installation. The successful completion of the Hestfjord Dragon Farm is expected to demonstrate the commercial viability of tidal energy on a global scale, bringing Minesto’s pioneering technology into the renewable energy mainstream.
The Faroe Islands project represents a significant step in Minesto’s broader mission to create a future where tidal energy plays a key role in powering the planet sustainably.
For more information, visit Minesto’s website at www.minesto.com.
