16th Apr 2008 09:00
Scottish & Southern Energy PLC16 April 2008 Joint venture with Gothia Vind Airtricity, the renewable energy development division of Scottish and SouthernEnergy plc ("SSE"), has entered into a 50:50 joint venture with Gothia Vindwhich is expected to lead to the development of new wind farms in westernSweden. Based near Gothenburg, Gothia Vind is a specialist wind energydeveloper. The joint venture is aiming to develop around 200MW of wind farm capacity inwestern Sweden, with the first wind farm scheduled to be in operation around2011. The development of this capacity is expected to require equity investmentby Airtricity and Gothia Vind of around €30m each, with non-recourse debtexpected to account for around 80% of the total cost of the investment. Thejoint 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 andtechnologies. Paul Dowling, Chief Executive of Airtricity, said: "There is a rapidly rising demand for wind power in Sweden, and we believe thatthe joint venture with Gothia Vind will give us a platform to meet some of thisdemand and thereby establish a significant and growing presence in thisimportant market." This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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