Wood Consulting has announced the breaking of ground for three new clean energy projects in Lithuania, Sweden, and Spain after the raising of more than €1bn in funding.
The firm said it had played a key role in securing the funding, which it claimed helped to secure the final investment decisions. The Lithuanian project will see the advancement of the nation’s largest onshore wind farm, with a similar project of four wind farms being built in Sweden.
Azad Hessamodini, executive president for consulting at Wood, said: “To profoundly transform and accelerate the diversification of the world’s energy mix, significant capital investment is required.”
According to Wood, the Lithuanian project will power over 270,000 households, slashing carbon emissions by more than 200,000 tonnes per year. Wood said it would continue to lead on project management for the wind farm as construction begins.
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In Spain, a green hydrogen project using wind and solar energy to power a 500-MW electrolyser. Hessamodini said Wood has worked on over 70% of new renewable energy projects across the EU as part of the continent’s move towards clean energy. The company’s most recent results indicate that it has an order book of $6.1bn—of these, Wood said, 40% were for sustainable solutions.
Hessamodini added: “Our consultants and technical advisors are skilled at supporting our clients in assessing the critical factors, such as technical and commercial feasibility including market returns, that enable them to reach final investment decisions, and I’m proud of the impact we’re making.”
This comes against a backdrop in which the use and prevalence of renewable energy across Europe has been steadily increasing. According to the European Environment Agency (EEA), the EU achieved its 20% renewable energy target four years ago. And two years after that, 22.5% of energy consumed in the bloc was generated from renewable resources. The overall aim across Europe is for the achievement of climate neutrality by the middle of the century.
