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Swedish automaker Volvo (STO: VOLV-B) has committed to buying half of the output of a 140-MW onshore wind farm to be built by local state-owned utility Vattenfall AB in southern Sweden.
The parties have signed a ten-year agreement for Volvo to buy around 230 GWh of renewable electricity annually from the Bruzaholm wind park which is scheduled to be commissioned by the autumn of 2025, the companies announced on Tuesday.
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The power purchase agreement (PPA) will come into force right after the plant becomes operational.
Vattenfall announced it has made the final investment decision for the Bruzaholm project in April with construction works set to kick off this summer.
The Bruzaholm wind farm will house 21 wind turbines and have an annual production of about 460 GWh. The site will span 13 square kilometres (5.02 square miles).
“This partnership with Vattenfall is a step forward in the Group’s commitment to reach a net-zero greenhouse gas emissions (GHG) value chain by 2040 and achieve the aims of the Paris Climate Agreement,” Volvo noted in the press release.
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