Swedish power company Vattenfall has unveiled plans to invest SEK13bn ($1.9bn) to modernise and increase production at its hydro power plants until 2023.

As part of the refurbishments, the hydro power plant in Storuman, Umluspen, will get two new turbines and its production will be increased by 8 gigawatt hours per year.

Starting in 2014, about SEK270m ($40m) will be invested in the power plant, which will be able to provide electricity for 1,600 households per year once fully operational.

In January this year, a SEK1bn ($147m) investment in the hydro power plant Akkats, in Jokkmokk, was completed by Vattenfall.

Hydropower accounts for about 20% of Vattenfall’s total electricity generation and 41% of Sweden’s electricity.