Fortum, Jämtkraft, Mälarenergi, Skellefteå Kraft, Statkraft, Tekniska verken i Linköping, Uniper and Vattenfall, together representing 95 procent av the Swedish hydropower industry, have agreed to establish a jointly owned company, Vattenkraftens Miljöfond (the Hydropower Environmental Fund), and to invest SEK 10 Billion during a period of 20 years to achieve improved environmental quality in the Swedish hydropower industry. Vattenkraftens Miljöfond will be one of the major financing sources for environmental investments in Sweden. The basis for the project is the political agreement relating to the Swedish energy sector (“Energiöverenskommelsen”) of 2016 where it was resolved that the hydropower industry should be fully responsible for financing the costs for aligning the Swedish hydropower plants to modern environmental regulatory requirements.
Mannheimer Swartling has been legal adviser in the project. Mannheimer Swartling’s team included lawyers from a number of practice groups, such as Corporate Commercial, Environment, EU and Competition and Corporate Taxation.