Vestas Wind Systems A/S said May 16 that it has entered into a partnership with Swedish utility Vattenfall AB and Danish pension fund PKA to develop a 353-MW wind project in Sweden.
Vestas plans to provide 84 turbines for the project, located in the Blakliden and Fäbodberget wind parks located in Åsele and Lycksele Municipality in central Sweden.
Vestas will also become a shareholder through a share purchase agreement for 40% of the project, while Vattenfall and PKA will each own 30%.
The project's total construction funding is around €350 million and will be partially funded by nonrecourse project financing which is expected to finalize in the coming months, Vestas said in a news release.
Norwegian electric utility Hydro Energi AS will purchase 660 MWh of the output from the wind farm under a long-term power purchase agreement from 2022 to 2041 for its aluminum plants in Norway.
This is the first investment by PKA in an onshore wind project, according to the news release.
Turbine delivery to begin in the first half of 2021, and full commissioning is planned for fourth-quarter 2021.
Hydro Energi is a Norsk Hydro ASA subsidiary.