From 2008-2013, Falck commits to underwrite US - 500 million in equity for the development of 1,000 MWs of wind generating capacity , with a total project value of US billion. The wind farms generate electricity without emitting any net green house gases and will annually reduce green house gas emissions. Falck estimates that 328,000 tons of CO2 will by avoided during 2008 from our operating portfolio. In 2009, it is estimated that 572,000 tons of CO2 will be avoided. In 2010, an estimated 858,000 tons of CO2 can be avoided and from 2012, it is anticipated that over 1,300,000 tons of CO2 can be avoided by following our plan to construct wind farms.
In 2008, Falck completed the construction of 150 MWs of wind farms and spent about million in total project costs, of which approximately million was in equity. In 2008, the total Falck portfolio generated 586,000 MWh of clean electricity, enough to supply some 124,000 households and reduced carbon dioxide emissions by some 377,000 tonnes.
The Group strategy to meet its commitment is based on the following key elements:
- Singular focus on onshore wind power generation. While the offshore sector has great long term potential, it will not be fulfilled within the time frame of the commitment.
- Primary focus on a small number of core markets, primarily in Europe, selected in reference to wind resources and growth potential. Working in a limited number of markets allows the group to implement multiple wind projects in each market.
- Maintaining and building their flexible, lean and scalable organisation structure supported by world-class external consultants will facilitate quick decision making.
- Flexible, multi-channel approach to project sourcing and development through local development partners in each market. This allows the group to enter new markets with a local presence. The time required to develop a wind project varies from one country to the next. By building wind farms in several different countries will help protect against any holdbacks in any country.
- Maintaining a flexible approach in selecting the most suitable turbine supplier for each project while leveraging existing turbine supply commitments. This means the company will not be dependent on a single supplier.
II. The company has increased its workforce and joint development partners to meet the required commitment. At the same time the company is examining other countries to enter to achieve its goal.
III. The action will be implemented by Falck Renewables.