Vattenfall is planning to invest $1.9bn to modernise and increase production at its hydro power plants until 2023.
As part of the refurbishments, the hydro power plant in Storuman, Umluspen, Sweden will get two new turbines and its production will be increased by 8 GW per year.
Starting in 2014, about $40m will be invested in the power plant, which will be able to provide electricity for 1600 households per year once fully operational.
In January this year, a $147m investment in the hydro power plant Akkats, in Jokkmokk, was completed by Vattenfall.
Hydropower accounts for about 20 per cent of Vattenfall's total electricity generation and 41 per cent of Sweden's electricity.
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