Fortum and Skellefteå Kraft Restructure Stakes in 2 Swedish Wind Farms

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Fortum and Skellefteå Kraft are to restructure their ownership in the two jointly owned Swedish wind parks Solberg and Blaiken.

Through the proposed asset swap arrangement Fortum would become the sole owner of the 76-megawatt (MW) Solberg wind park and Skellefteå Kraft the sole owner of the 248-MW Blaiken wind park. Currently, Fortum owns 50% (corresponding to 38 MW) of the Solberg wind park and 15% (corresponding to 37 MW) of the Blaiken wind park. The proposed transaction would simplify the ownership structure and have only a minor impact on Fortum’s cash flow and results.

The asset swap arrangement is expected to be finalised at the beginning of the third quarter of 2019 and is subject to approval by the Fortum Board of Directors and the Municipal Council of Skellefteå.

Fortum and Skellefteå Kraft have cooperated on the construction and operation of wind power in Sweden since 2010.

Recently, Fortum and Norwegian energy company Nordkraft formed a joint venture, Fortum Nordkraft Vind DA, to develop new wind power projects in Norway.

“Fortum’s goal is to grow substantially in the Nordic wind and Norway has an important role in this strategy. With the joint venture, we aim to combine the expertise of Fortum and Nordkraft to develop high-quality wind power projects in Norway,” said Joonas Rauramo, Vice President Wind at Fortum.

Based on its strategy, Fortum will continue to build on its long-standing expertise to grow in CO2-free power generation. The company’s ambition is to increase its solar and wind portfolio to a multi-gigawatt scale. Fortum’s business model in renewables consists of the development, construction, and asset management of solar and wind assets. Fortum utilises partnerships and other forms of co-operation to maintain a more asset-light structure.

In May, we reported that Vestas had secured an order from Fortum, for the 90 MW wind project Kalax in the province of Närpio in Western Finland,  the first large-scale wind energy project the company is executing in its home country.