Posted on 12 August 2013 by Priyanka Shrestha
Two German banks are backing a Swedish wind project by providing a loan worth €84.5 million (£72.6m) in total.
The wind farm will initially have a total capacity of 84.6MW and include 36 turbines. KfW IPEX-Bank and Stockholm-based SEB AG will split the amount equally for the project, which will be located in the north of the country near the Arctic Circle.
A total of 1,101 wind turbines – with up to 4,000MW of installed capacity – will be erected by 2021, which will make it the largest wind farm in Europe, KfW claims. It is estimated the project could cover up to 8% of Sweden’s electricity demand.
The Swedish Government aims to increase the share of renewable energy to at least 50% by 2020 and reduce greenhouse gas emissions by 40% compared to 1990 levels by the end of the decade.
Earlier this year, Facebook announced its new data centre in Sweden would be powered by hydroelectricity.