Swedish forest products industry group Holmen AB (HOLM-B.SK) and Spanish utility Iberdrola S.A. (IBDRY) will invest about 220 million Swedish kroner (EUR23.7 million) in a new gas power plant outside Madrid, Swedish business daily Dagens Industri reports Monday.
The investment aims to cut energy costs by making the companies' joint papermill in Fuenlabrada, Spain, completely self-sufficient on electricity and steam, the paper writes.
"We think it's an important investment to achieve stability in the energy costs," says Holmen Chief Executive Magnus Hall in the article.
The power plant should be operational by 2010, says Magnus Hall in the article.