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Vattenfall To Invest 1 Billion For French Hydropower, Hope To Enter Offshore Wind Project

Published Jun 6, 2011 4:25 PM by The Maritime Executive

Swedish electricity producer Vattenfall is prepared to invest up to 1 billion Euros (US$1.46 billion) to hydroelectric projects in France. 

Vattenfall is wishing to harness 1 gigawatt’s worth of concessions out of French hydropower tenders.  France currently has the 2nd largest market for hydropower capacity at 25 GW.  The renewal of the concessions for 5300 MW until 2015 accounts for 20% of the entire capacity for France.  The length of concessions for hydroelectric power plants is roughly around 75 years, with renewals about every 30 to 50 years. 

French Energy Minister Jean-Louis Borloo says the government will activate bidding until 2013 for renewals or contracts for 10 hydropower stations, for a total of 5.3 GW. 

In addition to expanding their hydroelectric resume, Vattenfall is also one of Europe’s major wind farm companies and is actively becoming a potential candidate for France’s push to accelerate its offshore wind energy plight.  President of France, Nicolas Sarkozy, said in January that the government will be investing €10 billion in wind farm projects until 2020. 

CEO of Vattenfall, Oystein Loseth, stated that the company has ambition to grow in renewable energy projects, and the opportunities in France aligned well with this scope.