Siemens, KEPCO get EC nod to join Norwegian wind project

Wind farm in Sweden. Author: Jämtkraft. License: Creative Commons, Attribution 2.0 Generic.

August 27 (Renewables Now) - The European Commission (EC) has given the thumbs up to the proposed acquisition of stakes in the Stavro Vind wind project's owner in Sweden by Germany's Siemens AG (ETR:SIE) and South Korea's KEPCO.

The specific wind project envisages the construction of two separate onshore wind parks in Blackfjaellet and Blodrotberget. Following the EC’s approval, the scheme's owner, Stavro Vind Aktiebolag, will be jointly controlled by Siemens, Korea Midland Power Co, a subsidiary of South Korean power utility Korea Electric Power Corp (KRX:015760), and Naev Solventus, a unit of Germany’s Naev Infrastructure Funds.

Stavro Vind Aktiebolag is currently solely owned by Naev.

In its decision, issued last week, the Commission states that the proposed deal will not raise any competition concerns, “given the companies' moderate combined market positions.” It has assessed the proposed transaction under the simplified merger review procedure. 

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription