Swedish power magnate Vattenfall, together with Wallenstam, a real estate developer, have created a new company, Taggen Vindpark AB, to develop and build an offshore wind farm in Hanöbukten Bay, off Sweden's south-east coast. The company is half owned by Vattenfall and half by Hanöbukten Offshore AB, in which Wallenstam has a majority 75% stake. The remaining 25% in Hanöbukten Offshore is owned by Triventus AB, which planned its own Taggen project before Vattenfall submitted project permit applications first. Taggen Vindpark is planned to consist of 50 to 80 wind turbines and have a rated capacity of around 250-300 MW. That capacity is all that the current land-based network infrastructure can easily handle, Vattenfall says, estimating that Taggen could produce about 1 TWh of electricity per year. Wallenstam says investing in a wind farm at Taggen is part of its long term plans for self-sufficiency in renewable energy to cover the electricity needs of its real estate holdings. For its part, Vattenfall is looking forward to a time when offshore wind power might be cost-effective, according to Anders Dahl, who heads the company's wind power division. "I think within three to five years offshore will be profitable in Sweden," he says. "To be honest, we probably need technology to improve and supply problems to be reduced." A reworking of Sweden's market framework to improve the system of green energy certificate trade would be needed first, he says. Vattenfall's 110 MW Lillgrund offshore wind farm of 48 Siemens turbines is now fully up and running. The company's other offshore projects in the pipeline are Krieger's Flak and Trolleboda.