Vattenfall and banking and insurance company Skandia are jointly investing almost $264m to build four wind farms in Sweden with a total output of 141 MW.

The deal marks the first time that a Swedish pension company is directly financing the construction of new wind power capacity in Sweden.Vattenfall Skandia deal

The four wind power projects are called Hjuleberg, Höge Väg, Juktan and Högabjär-Kärsås. Hjuleberg is already in operation and will be handed over to the joint Vattenfall/Skandia company on 1 January 2015. The other wind farms are being built by Vattenfall and will be handed over in early 2016.

Vattenfall chief executive Magnus Hall said: “Vattenfall is investing in renewable energy, and the joint investment with Skandia will allow its expansion in Sweden to take place at a faster rate. That is good for our respective customers, and it’s good for Sweden.”  

Skandia boss Bengt-Åke Fagerman said “Vattenfall is a strong operating partner and wind power is a sector with good growth”.

The two parties will own equal shares in the joint company.