Vattenfall deal with Skandia marks wind power first for Sweden

Vattenfall and banking and insurance company Skandia are jointly investing almost $264m to build four wind farms in Sweden with a total output of 141 MW.

The deal marks the first time that a Swedish pension company is directly financing the construction of new wind power capacity in Sweden. Vattenfall Skandia deal

The four wind power projects are called Hjuleberg, Höge Väg, Juktan and Högabjär-Kärsås. Hjuleberg is already in operation and will be handed over to the joint Vattenfall/Skandia company on 1 January 2015. The other wind farms are being built by Vattenfall and will be handed over in early 2016.

Vattenfall chief executive Magnus Hall said: “Vattenfall is investing in renewable energy, and the joint investment with Skandia will allow its expansion in Sweden to take place at a faster rate. That is good for our respective customers, and it’s good for Sweden.”  

Skandia boss Bengt-Åke Fagerman said “Vattenfall is a strong operating partner and wind power is a sector with good growth".

The two parties will own equal shares in the joint company.

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