Scottish & Southern Energy PLC
16 April 2008
Joint venture with Gothia Vind
Airtricity, the renewable energy development division of Scottish and Southern
Energy plc ('SSE'), has entered into a 50:50 joint venture with Gothia Vind
which is expected to lead to the development of new wind farms in western
Sweden. Based near Gothenburg, Gothia Vind is a specialist wind energy
developer.
The joint venture is aiming to develop around 200MW of wind farm capacity in
western Sweden, with the first wind farm scheduled to be in operation around
2011. The development of this capacity is expected to require equity investment
by Airtricity and Gothia Vind of around €30m 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 £500m over the next five years in renewable energy in new markets and
technologies.
Paul Dowling, Chief Executive of Airtricity, said:
'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.'
This information is provided by RNS
The company news service from the London Stock Exchange
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