Swedish state-owned power company Vattenfall and Norway-based investment company Seagust have formed a joint venture (JV) to bid in upcoming licensing rounds for offshore wind areas in Norway.

The Norwegian government has unveiled plans to install up to 4.5GW of renewable energy capacity through floating and bottom-fixed wind farms in the North Sea.

Vattenfall and Seagust’s JV intends to bid for licences in the North Sea’s Soerlige Nordsjoe II and Utsira Nord areas.

Licensing rounds are expected to take place this year.

Vattenfall Wind business area head Helene Biström said: “This JV offers us a great chance to deliver affordable energy to industry and customers in line with our goal to enable a fossil-free living within one generation”.

“Seagust is a perfect partner for us since the owners have an impressive history and track record of building industries, creating local jobs and focusing on sustainability at the same time.

“We are dedicated to working closely with Seagust and Norwegian suppliers to pursue offshore wind opportunities in Norway.”

The JV with Seagust marks Vattenfall’s entry into the Norwegian wind market.

Created last year by Norwegian industrial investment firms Arendals Fossekompani (AFK) and Ferd, Seagust aims to cement its position as an offshore wind developer.

Seagust CEO Simen Elvestad said: “We are thrilled to co-operate with Vattenfall, one of Europe’s largest operators of offshore wind.

“They have experience in leading every phase of a project, from consenting, construction and through to operation. Their track record of successful offshore wind projects is truly impressive.

“Our joint venture is now positioned as a top contender in the initial round of licensing of Norwegian offshore wind resources.”

Last week, Norwegian power utility Agder Energi partnered with the Macquarie-owned Green Investment Group to bid for a floating offshore wind project in the Utsira Nord zone.