Private firm wins wind farm bidding war

New company Magn og LÍV will be constructing the new wind farm outside Tórshavn.

The company was set up by insurance provider LÍV, with 60 percent of the share, and energy supplier Magn, with 40 percent. 

View larger map

Magn CEO Hendrik Egholm is delighted that public energy supplier SEV’s electricity monopoly has been broken.

“This change is crucial if we want to hit the government’s target of reaching 100 percent sustainable energy use by 2030,” he says. “Free competition boosts creativity and keeps prices down, just like we have seen recently in the telecommunications sector.” 

Part of LÍV’s overall investment plan

Jan Jakobsen, CEO of LÍV, says that the investment forms part of the company’s long-term investment plan.

“We are happy to play our part in the green energy transition, and our collaboration with Magn ensures that we have all the expertise required to meet the sustainability targets.”

Translated by prosa.fo