Swedish Basic Industry Leader Holmen Energy invests in Vestas Wind Power with 51 MW Order

Vestas to supply 17 V112-3.0 MW turbines to Sweden

Holmen Energy, together with the investment fund Eurofideme 2, has signed an agreement to construct a wind power plant using 17 V112 3.0 MW wind turbines. The two investors will co-own the project, which will be ready for turbine installation in the second quarter of 2014.

The 51 MW Varsvik wind power plant will be installed in Varsvik, Norrtälje municipality, Sweden, in connection with Holmen’s Hallstavik paper mill. The contract includes delivery, installation and commissioning of the wind power plant, including a full scope availability agreement, AOM4000.

“We are very excited to construct our first wind power project together with Holmen, all the more so in connection with a project company jointly owned by Eurofideme 2, which is already a highly-valued Vestas customer. It is very positive to see an increase of new entrants in the wind power industry and especially with actors representing Swedish basic industry,” says Vestas Northern Europe Vice President Sales, Krister Poole Jönsson.

“Today, we have initiated the execution of the wind project Varsvik, involving 17 Vestas wind turbines. We have worked with Vestas for some time to continuously improve and tailor the site for optimal turbine layout to secure best cost of energy and stabilised operational lifetime of the turbines. We now focus on and look forward to the execution of the project and how we can further develop our cooperation with the Vestas organisation,” says Arne Wallin, CEO Holmen Energy.

“This project is a key milestone to our expansion strategy in Sweden, one of the most attractive markets for wind in Europe. It is a great opportunity for Eurofideme 2 to be co-investing with high quality partners like Holmen and Vestas,” commented Raphael Lance, Director of Eurofideme 2.

“Sweden is a key market for Vestas and our customers, and this project represents a big step forward in further solidifying wind power’s role in the Swedish energy mix. We are pleased that Holmen has chosen Vestas as supplier for their first large-scale wind power project. We are now looking forward to executing the project and further deepening our cooperation with Holmen, utilising Varsvik as a platform,” says Klaus Steen Mortensen, President Vestas Northern Europe.

Vestas Northern Europe is one of six sales business units within the Vestas Group. Vestas Northern Europe focuses on sales activities, installation and service for all wind power projects located in Sweden, Denmark, Norway, Finland, the Baltics, Poland, UK and Ireland. For further information, please see www.vestas.com.

Holmen Energy is in charge of the Holmen Group’s hydro power production and of developing energy-related operations. During a normal year, hydro power production amounts to around 1,100 GWh.

Holmen’s forest and energy assets are highly valuable to the company, helping to give it a stable foundation. In addition to generating even and high earnings, they create advantages in supplying raw materials to the product-oriented business areas. Forest raw materials and the energy area also have immense development potential. The Group is about 60 per cent self-sufficient in wood, and self-sufficiency in electricity is around 30 per cent. A significant proportion of the thermal energy required is covered by bioenergy produced at the company’s own facilities. The Group owns five productions plants in Sweden and one each in the UK and Spain. The forest- and hydro power facilities are located in Sweden. Around 90 per cent of sales take place in Europe via Holmen’s own sales companies.

Holmen’s two classes of shares are listed in the Large Cap segment on the Nasdaq OMX Nordic Exchange. For further information, please see www.holmen.com.

Eurofideme 2 is an investment fund dedicated to renewable energy projects in Europe, and is part of Mirova, the responsible investment arm of Natixis Asset Management. Mirova, through Fideme and Eurofideme 2 successive funds, has made a cumulated 32 investments in the renewable energy space since 2003 participating in building more than 600 MW of wind projects in Europe, including France and Sweden. www.eurofideme2.com/.

Source: Vestas

For more information on: Vestas