May 16, 2018 / 10:48 AM / a year ago

Turbine maker Vestas buys majority stake in Swedish wind farm

FILE PHOTO: Windmills are seen in the "Dan Tysk" wind park of Swedish energy company Vattenfall and Stadtwerke Munich (public services Munich), located west of the German island of Sylt in the North Sea, April 27, 2015. REUTERS/Fabian Bimmer/File Photo

COPENHAGEN (Reuters) - Swedish utility Vattenfall has brought Danish turbine maker Vestas (VWS.CO) and pension fund PKA onboard as shareholders in what will become one of Sweden’s largest onshore wind farms.

Vestas said it would become a 40 percent shareholder in the project through a share purchase agreement, while PKA and Vattenfall will each own 30 percent.

“The cost of renewable energy is going down, which is making the market more competitive and creating new opportunities,” said Vestas Chief Executive Anders Runevad in a statement.

Reporting by Stine Jacobsen, editing by Louise Heavens

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