Minesto has upgraded the roadmap to a 200 MW tidal energy buildout in the Faroe Islands. The scaled-up roadmap is a response to the growing demands for renewable energy, where unlocking the tidal opportunity enables transition to a 100% renewable energy system. The recently reached milestone of megawatt-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.

The Faroe Islands has one of the world's most ambitious energy transition schemes, aiming for 100% renewables by 2030. Minesto's suggested roadmap includes tidal energy buildout in seven site locations in Faroe Island waters, reaching a total of 200 MW equivalent to about 40% of future energy demand. Minesto estimates the 200MW project investment to 400 M EUR, where 50% constitutes hardware sales from Minesto.

The road-map targets Hestfjord as the first site for build out. This is also where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.