Holmen shifts its energy business up a gear

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On 24 February Holmen acquired all shares in the part-owned wind farm Varsvik AB, located on Holmen land in Uppland. The purchase boosts Holmen’s business in renewable energy and marks a further step in terms of the company’s ambition to contribute to climate transition.

Varsvik Wind Farm was commissioned in November 2014 and was erected by a company jointly owned by Holmen and a renewable energy investment fund. Holmen is now buying the fund’s share of the company (50 per cent), thus fully integrating Varsvik Wind Farm in Holmen’s renewable energy portfolio.

“For Holmen, investments in wind power provide a logical complement to our adjustable hydro power. Along with the wind farm we’re in the process of commissioning outside Skellefteå, acquiring shares in Varsvik means that in a normal year, we’ll be producing 600 GWh of wind power and 1 100 GWh of hydro power,” says Fredrik Nordqvist, Senior Vice President Holmen Renewable Energy. 

The 17 wind turbines in Varsvik provide 51 MW of power. Annual production is 150 GWh, equivalent to the annual power consumption of around 30 000 households.

“By becoming the sole owner of the wind farm, Holmen is tightening its grip on a key resource for the business: access to fossil-free energy. The wind farm in Varsvik is an attractive asset in many ways, particularly considering it’s located next to Hallsta Paper Mill in electricity area SE3,” says Anders Jernhall, Executive Vice President and CFO at Holmen. 

More widespread electrification of both industry and transport will see a greater need for more renewable electricity. As a major landowner, Holmen has good opportunities to contribute to the expansion of wind power and thus to the necessary shift in Europe’s energy system.

For more information, please contact:
Stina Sandell, Senior Vice President Sustainability and Communications, Holmen, +46 (0)73 986 51 12

Holmen’s business is built around the forest ecocycle and the renewable products we can create from it. Our business areas are Forest, Renewable Energy, Wood Products, Paperboard and Paper. With a workforce of 3 500 people, we create value for shareholders, customers and society. Our net sales in 2021 amounted to just over SEK 19 billion and our shares are listed on Nasdaq Stockholm, Large Cap. Please visit holmen.com for more information.