Markbygden Ett, with 179 wind turbines, has in the last three years an accumulated loss of 2.5 billion kronor (220 million euros). Its debts now amount to SEK 6 billion (EUR 530 million). The reason for the financial problems is a long-term contract with the Norwegian industrial group Hydro for deliveries until 2040. In the current market situation, the contract means that Markbygden Ett is selling electricity at a loss. Hydro is not interested in negotiating the contract.
The company, which is 75 percent owned by the Chinese state, has been making big losses for several years. .Markbygden Ett writes to the Umeå district court that the payment difficulties are due to a very unprofitable electricity contract with the Norwegian company Hydro Energi. The agreement, according to Piteå-Tidningen, requires that the project owner sell a fixed volume of electricity at a fixed price for 19 years. When the wind farm does not produce enough electricity, the company must cover the deficit with its own purchases on the electricity market.
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