PMV invests in High Wind NV
Brussels, 7 February 2012 - TINA fund launched. PMV is investing 18.7 million euros in High Wind NV, a consortium that is developing a new installation technique for setting up offshore wind turbines.
PMV-TINA is investing 18.7 million euros in High Wind nv via a combination of equity participation and a deferred loan. High Wind nv is a consortium made up of GeoSea nv (DEME Group), Alstom, Iemants, G&G International, SBE and Egemin and is supported by Sirris.
High Wind nv is developing a new installation technique for setting up offshore wind turbines. One of the results of this move is that installation ships will become the “floating factories of the future”, transporting the different components of the turbines that will then be efficiently set up and assembled with the help of the new robot arms unhampered by the weather.
The offshore wind energy sector is currently experiencing strong growth. In order to meet EU objectives, offshore capacity must reach 40 GW by 2020 and as much as 150 GW by 2030. This means that the current wind farm of 1,100 wind turbines needs to be increased to 7,000 by 2020 and to more than 20,000 by 2030. This will also mean a sharp increase in the demand for installation ships.
The high wind speeds that are prevalent at ideal locations for offshore wind farms often double and sometimes triple normal timeframes required for installation. Thanks to High Wind’s new installation technique, it will be possible to set up wind turbines in higher wind speeds, which will lead to considerable and immediate savings on installation costs. It will also lead to indirect advantages in terms of the cost of offshore wind farms: greater certainty about installation times and costs will simplify planning, enable the parks to produce energy more quickly and reduce the financing risk, and in turn the financing costs.
High Wind nv is a consortium of companies in different phases of the value chain. They have joined forces for this project in order to ensure the fast and efficient finalisation of the development and building of this installation robot. This will enable Flanders to enhance its position as the knowledge centre for offshore wind energy.
A second TINA project, of comparable scope, was approved and will soon be announced.
Quote: Peter Roose (High Wind NV)
The changes taking place in the offshore wind sector are moving very rapidly and demand very large investments. The Flemish companies that have joined forces to form High Wind can only secure their strong position in this fast-changing and competitive market by continuing to invest in new technologies and techniques. Thanks to the participation of the TINA fund, we are now in a position to realise this considerable investment. Over the short term, this investment will enable all the parties involved to create a large number of new jobs. We are convinced moreover, that the development of this installation robot is just the first step in the creation of a whole new Flemish industry in which high-quality technological solutions will be designed, built and assembled largely in Flanders.
The Flemish economic landscape is changing rapidly. Revolutions in production techniques, ICT, globalisation, ecology and energy require new, adapted industrial policy. To maintain our competitive edge under these circumstances, the Flemish government and PMV are setting up a unique investment fund: TINA. This is an acronym that refers to the much needed ‘Transformation, Innovation and Acceleration’ of Flanders’ industrial fabric. TINA is a market-driven investment fund in the hands of PMV. It manages EUR 200 million in risk capital. This funding reinforces innovation with strategic potential and accelerates its marketing. To this end, PMV always works with market parties who act as Consortium Partners.
The partners in the High Wind Consortium are: GeoSea (Geotechnical Offshore Contractors), Alstom, Sirris, Iemants Staalconstructies, G&G International, SBE, Egemin Automation.