Danish wind turbine manufacturer Vestas has entered a partnership with Swedish utility Vattenfall and Danish pension fund PKA for a 353MW wind energy project in Sweden.

For the project, Vestas will supply its V136-4.2MW turbines and acquire a 40% stake in it through a share purchase agreement. In addition, PKA and Vattenfall will each own 30% project equity.

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Vestas will also provide a 25-year Active Output Management (AOM 5000) service to the turbines and is planning to deliver and commission the turbines in 2021.

The total construction funding for the project is around €350m. This will be partially subsidised by non-recourse project financing.

Financial close of the project is expected in the coming months.

“I believe we have shown our ability to tailor the right solutions and, in doing so, advance our business according to our strategy.”

Vestas president and CEO Anders Runevad said: “The cost of renewable energy is going down, which is making the market more competitive and creating new opportunities.

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“In this dynamic market, we continue to leverage our deep expertise across the entire value chain to develop solutions with our customers that produce the lowest cost of energy.

“With our partners on this project, I believe we have shown our ability to tailor the right solutions and, in doing so, advance our business according to our strategy.”

The project has been developed by Vattenfall and will see the installation of 84 V136-4.2MW turbines across the Blakliden and Fäbodberget wind parks in Åsele and Lycksele Municipality in central Sweden.

The Blakliden wind park will comprise 50 turbines, while Fäbodberget will feature 34 turbines.

PKA CEO Peter Damgaard said: “The model created for this investment can be copied to other similar investments as we have seen it with our investments in offshore wind parks.

“We focus on this type of investments because we continue to find interesting opportunities in combining good returns to our members with mitigation of climate change. For us, it is good business and common sense, and we, therefore, don’t expect this to be our last investment in onshore wind.”