Eolus, SCA team up to develop 1 GW of wind in Sweden, Baltics

Swedish wind project developer Eolus Vind AB (STO:EOLU-B) on Tuesday said it has joined forces with local timber, pulp and paper manufacturer Svenska Cellulosa AB (SCA) to develop about 1 GW of wind projects in Sweden and the Baltic States.

The agreement covers SCA-owned land in Estonia and Latvia, and designated areas in Sweden. It includes the sale of about 600 hectares (6 sq km) of land on Saaremaa in Estonia by Eolus to SCA, with Eolus leasing the land to develop wind projects there.

The two companies plan to jointly develop a number of projects, while Eolus will also be able to lease land in other identified project areas.

At present, there are 536 operating wind turbines on land owned by SCA, which together produce 5 TWh of power annually. SCA is looking to have 11 TWh of wind power produced on land it owns in the long term, the company said.

This week, Eolus also reported its financial results for its third fiscal quarter to the end of May. Details about the company's performance in the period are in the table below:

The company did not take into operation or hand over to customers any turbines during the quarter.

Eolus also said it will change its financial year to January-December. It will extend the current one to the end of 2020 by adding a fifth period of 4 months.

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