Fortum, Skellefte Kraft restructure ownership in two Swedish wind projects

Finnish state-controlled electric utility Fortum Oyj and Swedish municipal utility Skellefteå Kraft have decided to restructure their ownership stakes in two jointly owned wind projects in Sweden.

Under the proposed asset swap deal, Fortum will become the sole owner of the 76 MW Solberg wind park and Skellefteå Kraft will be the sole owner of the 248 MW Blaiken wind farm. The companies cooperated on the construction of both wind farms.

Fortum currently owns 50% the Solberg wind project and 15% of the Blaiken wind park. The proposed transaction is expected to have a minor impact on the company's cash flow and earnings.

Subject to approval from Fortum's board and the Municipal Council of Skellefteå, the deal is expected to be completed at the start of the third quarter of 2019.