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The European Investment Bank (EIB) has approved a $115 million loan to Holmen to expand its onshore wind-generation capacity in northern Sweden.

The financing will support continued rollout of wind power in the region's northern bidding zones, where electricity demand is expected to rise due to growth in energy-intensive industries. According to the EIB, the project will strengthen Sweden's clean-energy supply and reduce greenhouse-gas emissions.

"Sweden has long been a leader in renewable energy and sustainability," said EIB Vice-President Karl Nehammer. "By financing Holmen's expansion of clean power generation, we are strengthening Europe's energy resilience while supporting one of the country's most sustainable industrial players."

The investment aligns with Sweden's 2045 net-zero target and the EU's RePowerEU plan, which aims to accelerate renewable deployment and reduce reliance on imported fossil fuels.

Holmen, a major Swedish forest-industry group, is expanding its renewable-energy portfolio as part of its long-term sustainability strategy. The wind-power expansion is expected to boost local development and reinforce Sweden's low-carbon transition.

Source: renews.biz