Holmen's Board has decided to invest SEK 1.5 billion ($142 million) in the construction of Blisterliden Wind Farm in Skellefteå Municipality, Sweden. As part of Holmen's drive to develop its renewable energy business, the investment will boost hydro and wind power production by 20%.

The company's renewable electricity production will contribute to a more sustainable society, in combination with the growing forest and the renewable products manufactured at Holmen's mills. This particular investment will increase Holmen's annual production of renewable energy from water and wind by 360 GWh to just over 2 TWh.

"Here at Holmen, we see developing wind power in-house as a natural complement to our hydro power, while generating added value from our forest ownership. By combining forestry and electricity production on our land, we're also contributing to the necessary energy transition in society," says Henrik Sjölund, President and CEO of Holmen.

Comprising 14 wind turbines, Blisterliden Wind Farm is being constructed in partnership with the supplier Nordex and is expected to be up and running by 2026. Holmen looks forward to continued cooperation with local stakeholders, authorities and communities to ensure that the project is implemented in a sustainable and responsible manner.

In addition to Varsvik and Blåbergsliden Wind Farms, Holmen has around 30 projects in various stages of development, from in-depth analysis to permit applications. Next in line is Stormyrberget Wind Farm in Västernorrland, a project run jointly with Vattenfall that could be considered for an investment decision in 2025.

Holmen's business is built around the forest ecocycle and the renewable products. Its business areas are Forest, Wood Products, Paperboard, Paper and Renewable Energy.