Policy & Market

More

Fortum takes 40% stake in giant Swedish wind project

Finnish energy company Fortum has acquired a 40% in the 250MW Blaiken wind energy project in northern Sweden, from Swedish company Skellefteå Kraft , which will continue to hold a majority stake in the project.

The two companies’ joint venture Blaiken Vind AB is planning to begin preparatory work at the wind farm site this autumn, with construction to begin in 2011 and the wind farm due to be completed in 2015. The two companies will invest around €400m in the project.

Blaiken will be one of the biggest onshore wind farms in Europe. Studies show that wind conditions at Blaiken are particularly good in the winter months when power demand in Sweden is highest, while the presence a hydropower plant in the region will allow a cost efficient connection of the wind farm to the grid.

“These wind conditions and Sweden’s market-based Green Certificates -system supporting renewable energy make Blaiken an attractive investment target”, says Matti Ruotsala, executive vice president of Fortum's Power Division.

Skellefteå Kraft has been planning the Blaiken project since 2005. The company is one of Sweden’s biggest power producers with the majority of its 4 TWh production coming from hydropower, wind and biomass.

Skellefteå Kraft is one of the biggest electricity producers in Sweden with an annual production of about 4 terawatt-hours. The majority of the production is renewable energy: hydropower, wind power and bio fuels.

Fortum is active in generation and distribution of power and heat in the Nordic countries, Russia and the Baltic Rim area.

Latest