Finnish energy company Fortum plans to acquire a 40% stake in the Blaiken wind power project in Sweden.
The remaining 60% share of the project, which is due to start construction in 2011, is held by Swedish energy supplier Skellefteå Kraft.
Joint venture Blaiken Vind AB will begin construction of the wind farm in the Blaiken region in northern Sweden.
The wind farm will have up to 100 wind turbines with a total capacity of 250MW and an estimated annual production of 600GWh-720GWh, equivalent to the annual power consumption of 150,000 households.
The wind farm will be built in phases with construction expected to be completed in 2015, with a total investment of up to €400m set aside for the project.
Fortum's Power Division executive vice president Matti Ruotsala said that Blaiken offers an interesting opportunity to acquire an interest in one of the biggest onshore wind farms in Europe in an area with favourable wind conditions, and in collaboration with a good partner.
"These wind conditions and Sweden's market-based Green Certificates system supporting renewable energy make Blaiken an attractive investment target," Ruotsala said.