Vattenfall partners up with AMF in wind farm agreement

Source: Vattenfall

Vattenfall has signed a GBP 237 million deal to partner-up with leading Swedish pension group AMF on an UK offshore wind farm.

Vattenfall has signed a GBP 237 million (approx. SEK 3 billion) deal to partner-up with leading Swedish pension group AMF on an UK off shore wind farm. Vattenfall’s partnership strategy aims at supporting wind growth and the shift to renewables.

The partnership agreement means that AMF will take a 49% share in Vattenfall’s 150 MW Ormonde Offshore Wind Farm for GBP 237 million, approximately SEK 3 billion. Vattenfall will continue to operate the wind farm as majority shareholder.

Vattenfall announced the partnering strategy in 2014 to raise funds to support growth in its renewable business. Vattenfall currently plans to invest approximately SEK 50 billion in new wind power generation by 2020 and to triple wind capacity to at least 6GW in the next ten years.

Ormonde Offshore Wind Farm is a 30 turbine, 150 MW, site located in the Irish Sea, 10 km off Barrow-in-Furness in North West England. Ormonde has been generating low carbon power since 2012. Ormonde is one of four offshore wind farms that Vattenfall operates in the UK.

Following the announcement, a press conference will be held today Friday at 11.30 CET at AMF:s head office Klara Södra Kyrkogata 18, Stockholm. Gunnar Groebler, Senior Vice President, Business Area Wind, and Peder Hasslev, Head of Asset Management AMF will be present.

Vattenfall discloses this information pursuant to the Swedish Securities Market Act.

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