Gothia Vind in Joint Venture with SSE

Airtricity, the renewable energy development division of Scottish and Southern Energy Plc (SSE), has entered into a 50:50 joint venture with wind energy developer Gothia Vind that is expected to lead to the development of new wind farms in western Sweden. The joint venture is aiming to develop around 200 megawatts (MW) of wind farm capacity in western Sweden, with the first wind farm scheduled to be in operation close to 2011.

The development of this capacity is expected to require equity investment by Airtricity and Gothia Vind of around €30 million [US $48 million] each, with non-recourse debt expected to account for around 80% of the total cost of the investment. The joint venture’s plans are part of SSE’s intention to invest, on an equity basis, around £500 million [US $1 billion] over the next five years in renewable energy in new markets and technologies.

“There is a rapidly rising demand for wind power in Sweden, and we believe that the joint venture with Gothia Vind will give us a platform to meet some of this demand and thereby establish a significant and growing presence in this important market,” said Paul Dowling, CEO of Airtricity.

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