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Sweden's SCA, Norway's Statkraft in $2.4 billion wind power venture

Swedish package and paper products company Svenska Cellulosa AB and Norwegian power company Statkraft Friday said they would invest 16 billion kronor (€1.73 billion; US$2.4 billion) in wind power in northern Sweden.

The companies said the wind power venture would involve production of 2,800 gigawatt hours, or GWh, of wind power electricity a year, accounting for between two to three percent of Sweden’s electricity production.

The joint venture will consist of around 400 windmills in seven wind farms in northern Sweden. Statkraft will provide financing and SCA the land.

“Swedish industry needs more energy production and the world needs energy production that does not cause increased emissions of greenhouse gases,” said Kenneth Eriksson, president of SCA Forest Products.

Associated Press

International Herald Tribune

14 September 2007