Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

Sweden

Sweden

Grand plans but little progress -- Sweden boss goes

The chief executive of Renewable Energy AB has stepped down after the Swedish wind power developer reported a loss of SEK 8.8 million (EUR 970,000) in the first half of the year and the failure of a high profile share issue. The sudden departure of Jerry Schön means the company has replaced its entire management team since the start of 2002.

The move also coincides with a decision by the board to write down the value of the company's product portfolio from SEK 10.8 million to SEK 8.2 million. Schön, who remains a major shareholder and will in future advise Renewable Energy on contacts with key customers, has been replaced by company outsider Stefan Nordström.

Renewable Energy, based in Malmö, first came to prominence in 1997 when it announced plans for 500, 1.5 MW turbines off the Swedish coast. To date it has installed 25-30 turbines in and around southern Sweden, according to Schön. In 1999, the company signed a joint development agreement with US energy giant Cinergy Corp for a $100 million offshore installation -- a project that has yet to be realised (Windpower Monthly, October 1999).

Poland and Afghanistan

In February this year Renewable Energy unveiled plans to enter the nascent Polish wind power market, starting with construction of a 10.2 MW wind plant near Gdansk. Soon afterwards it attracted more attention by announcing it was to conduct a feasibility study into wind power development in Afghanistan.

Then in April the company announced it was raising SEK 16 million in new shares. Later, however, it was forced to correct inaccuracies concerning permits for three planned wind turbines published in the official prospectus. The new issue subsequently proved a fiasco, raising just SEK 600,250.

Despite its internal difficulties, Renewable Energy said this month that the Polish project will go ahead as planned. To be built on a site known as Lieswo 1, it will consist of 17 Enercon E44 600 kW turbines from Germany.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs