Arise Windpower AB, a Swedish developer of renewable-energy projects, acquired a wind-farm venture in the Nordic country from Bergvik Skog AB.
The wind park, to be built in Harjedalen, central Sweden, will comprise 130 turbines with a total capacity of about 400 megawatts, Arise said today in a statement, without disclosing terms. It still needs an environmental permit to proceed.
Arise is targeting a fivefold expansion in wind turbines by 2014 as Sweden seeks to generate 49 percent of its power from renewable sources by the end of the decade. The country is among European nations promoting wind projects to meet energy demand while curbing emissions and reducing fossil-fuel imports.
Wind assets under development can typically sell for 25,000 euros ($31,000) a megawatt, suggesting an indicative price of 10 million euros for the Arise transaction, according to researcher Bloomberg New Energy Finance.
Arise already has 64 wind turbines in operation and 33 under construction. The Halmstad-based company plans to have 300 turbines operating or being built by 2014. It said last week it will invite institutional investors such as pension funds to take stakes in wind farms to generate funds for new projects.