About the strategic partnership

Building on our Scandinavian foundation, Vattenfall of Sweden and Seagust of Norway have formed a partnership to bid for the first offshore wind areas in Norwegian waters.

The strategic partnership

The partnership represents the entry into the Norwegian wind market for Vattenfall, a leading European wind player that has defined offshore wind as its primary growth area. Vattenfall already operates Scandinavia’s largest offshore wind farm in Denmark and will develop Finland’s first major offshore wind farm.

Experience

Seagust has access to relevant experience and competence and also to substantial financial capacity. This provides a unique starting point for developing green energy in the ocean space.

Value creation

Seagust’s focus is value creation in the development phase of offshore wind projects. This involves facilitating efficient planning, development, and implementation of the project, as well as operations at later stages.

A leading European energy company

Vattenfall was at the top of the list when Seagust began searching for a partner. With a vision of “fossil-free living within one generation”, Vattenfall has made a mark in renewable energy and other sustainable solutions for energy systems. Unlike many energy companies who set their sights on 2050, Vattenfall has concrete plans for a carbon-neutral value chain already by 2040.

Vattenfall is owned by the Swedish state and is one of Europe’s leading energy companies and largest operators of offshore wind, with a broad business scope in project development, energy production, and sales to end customers.

At the end of the first quarter of 2023, Vattenfall had 2.6 GW of offshore wind power in operation, 1.9 GW under construction and 12.7 GW under development. While already having substantial construction and development projects, Vattenfall has defined offshore wind as its primary growth area.

Vattenfall is a pioneer in offshore wind and has led in reducing the levelized cost of energy (LCOE). The company possesses in-house expertise and resources in all areas related to an offshore wind project, which is a rare capability in the industry, and it has a close relationship with major suppliers such as Siemens and Vestas.