December 17, 2014 - Assignment

Vattenfall and Skandia build wind power parks together

Vattenfall and Skandia are jointly investing almost SEK 2 billion to set up four wind parks in Sweden with a total output of 141 MW. This is the first time that Vattenfall invites an external investor for a wind power investment.

The four wind power parks are Hjuleberg, Höge Väg, Juktan and Högabjär-Kärsås. The first of these is already in operation. The other three wind parks are being built by Vattenfall and will be handed over to the jointly owned company in the first quarter of 2016. When all the parks are operational, energy production will meet the annual requirement of about 80,000 households.

Vattenfall is owned by the Swedish state and is one of Europe’s largest producers of electricity and the largest producer of heat. Vattenfall’s main products are electricity, heat and gas. Vattenfall produces electricity and heat from six energy sources – wind power, nuclear power, natural gas, biomass, coal power and hydro power. Vattenfall is one of the largest wind power developers and operators in Europe and plans to continue to expand wind operations. The group operates over 1,000 turbines in Sweden, Denmark, Germany, the Netherlands and the UK. Together, these turbines generate approximately 4 TWh of electricity annually.

Skandia is one of Sweden’s largest independent banking and insurance groups. Skandia offers private and commercial insurance and long term saving products. Skandia has 2.5 million customers in Sweden, Norway and Denmark, assets under management of more than SEK 460 billion and approximately 2,500 employees. On 1 January 2014, Skandia became a mutual company.

Vattenfall is advised by Mannheimer Swartling in the transaction. The team comprises Johan Ljungberg, Emma Olnäs Fors, Bita Pourmotamed, Malin Selin and Clara Görrel from Mannheimer Swartling, working closely with Johan Nordström and Mikael Lindgren at Vattenfall Legal Affairs.