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Hitachi and Petrofac to work on TenneT offshore power conversion stations

Published 13/01/2023, 08:09
© Reuters.

AMSTERDAM (Reuters) - TenneT, the Dutch-German electricity grid operator, has struck an agreement for Hitachi Energy and Petrofac (LON:PFC) to work on two 2 gigawatt (GW) conversion stations it is planning in the North Sea, the company said on Friday.

Financial terms were not disclosed, but TenneT said it expects to award full framework contracts this quarter.

TenneT is building the conversion stations to collect electricity from offshore wind farms and send it onshore efficiently.

The company has been engaged to connect about two thirds of the 65 GW in offshore wind capacity targeted by Germany, the Netherlands, Denmark and Belgium by 2030.

(This story has been refiled to fix the typo in Hitachi in headline)

Latest comments

Did you know that 8 of 10 offshore substation projects for wind fdarm are not profitable? There is so much risk involved that even National Grid of the UK do not want to own the offshore assets despite they are technically part of the transmission grid.
Petrofac is one of the most undervalued ftse250 shares, this will 🚀 by 200% at least this year.
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