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Swedish utility acquires stake in Irish ocean site developer

Swedish utility Vattenfall has acquired a 51 percent stake in Pandion Ltd., an Irish ocean energy site development company, for 500,000 euros (US$648,225).

Vattenfall said ocean energy developer Wavebob Ltd. will hold the remaining 49 percent of Pandion under an agreement that it said brings opportunities for further partners to participate.

Pandion has applied for ocean energy sites on the west coast of Ireland that Vattenfall said would be developed for demonstration to a commercial size of more than 250 MW when it is technically and economically viable.

Vattenfall Senior Vice President Helmar Rendez said the utility would remain independent of technology suppliers and that Pandion is technology neutral.

�The technologies must be further developed and optimized and the power system concepts need to be integrated, before the technology can be commercially introduced,� Rendez said. �Establishment of sites with a potential to grow to commercial sites is important for us to support such a development.�

Vattenfall said its preferred markets for ocean energy are in Ireland and the United Kingdom, which offer similar physical and economic conditions. It said further ventures to establish ocean energy business in the two countries are probable, although both need investments in transmission capacity.

�Ocean energy has a large potential to contribute to the implementation of Vattenfall's climate vision to be climate neutral by 2050,� Vattenfall President Lars Josefsson said.

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