Svenska Cellulosa’s wind project consists of 15 new wind turbines with a total annual production capacity of 333 GWh, producing enough power to supply around 15,000 homes. It is scheduled for completion in 2026.
Apr 1, 2024
The Nordic Investment Bank (NIB) has sanctioned an SEK 1 billion loan to forest products company Svenska Cellulosa Aktiebolaget SCA (Publ) to co-finance its Fasikan Wind Farm in Bräcke municipality of Jämtland county in northern Sweden.
Under the 10-year loan contract, NIB will support the construction of the project, comprising 15 new wind turbines with a total annual production capacity of 333 GWh. This corresponds to an annual consumption of electricity for approximately 15,000 households.
As per a statement issued by NIB, work with felling and strengthening work on existing roads began in November 2023, and the wind farm is scheduled for completion in the beginning of 2026.
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“This is NIB’s fifth long-term loan to SCA since 2007, supporting SCA on their journey towards innovation. This investment in renewable wind energy is crucial for enhancing productivity and securing competitiveness in our region,” said Mr. Kim Krokfors, NIB Senior Banker and Country Lead for Finland.
“The 10-year loan from NIB will diversify our funding base and prolong the average maturity of our debt portfolio,” said Mr. Jörgen Elf, SCA Group Treasurer.
Previously, NIB has provided four long-term loans to SCA projects, of which the most recent was a loan in 2019 to facilitate the expansion of its pulp mill in Timrå municipality.
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The core of SCA’s business is the forest, through Europe’s largest private forest holding. The forest products company offers paper for packaging and print, pulp, wood products, renewable energy, services for forest owners and transport solutions.
In 2023, the company added Renewable Energy as a separate business segment owed to its growing significance. SCA was founded in 1929 and is headquartered in Sundsvall, Sweden.
