October 5, 2018
Innogy, Shell Ventures and Stiesdal Offshore Technologies A/S (SOT) signed today a cooperation and investment agreement committing the partners to build a demonstration project using SOT’s ‘TetraSpar’ floating foundation concept. The TetraSpar floating foundation concept offers important competitive advantages over existing floating wind concepts, with the potential for leaner manufacturing, assembly and installation processes and lower material costs. The three partners will set up a company with a 33% share each for innogy and Shell Ventures, with the rest held by SOT and its parent company. SGRE is contributing to the project as a technology partner and will provide the wind turbine and required services. The project has a budget of approximately €18 million and is expected to be built in 2019.
Treetop Partners were mandated in late 2017 by Stiesdal Offshore Technologies A/S to assist in securing development equity for demonstration project. Besides the equity transaction, Treetop Partners have assisted in the commercial aspects of project development of the TetraSpar demonstration project, incl. with respect to project management and procurement, and will continue support the project until COD. After COD, Treetop Partners is expected to perform certain asset management services.
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