CEE Group has marked its entry into Sweden with the acquisition of a 53.2MW wind farm from European Energy.

The German-headquartered renewable asset manager said it bought the Zinkgruvan Wind Farm asset in December last year for an undisclosed sum.

The wind farm is located 70km north of Linköping near the northern end of the Vättern Lake.

Zinkgruvan was constructed and connected to the grid in early 2019 and has recently entered into a 10-year offtake agreement with a large international utility.

The deal marks CEE’s first project based on a long-term power purchase offtake agreement, the manager said.

Detlef Schreiber, CEO of CEE Group, said: “The acquisition of Zinkgruvan wind farm is an important step forward in our international growth strategy.”

Schreiber said CEE acquired five wind farms in 2019, including Zinkgruvan, with a total enterprise value of approximately €200m.

Jens Schnoor, CEE investment director, said: “We have a long-lasting, very cooperative relationship with European Energy.

”This helped both parties a lot to finalise this investment, which was financed on an all-equity basis.”

Knud Erik Andersen, CEO of European Energy, said: “We are delighted that we have managed to successfully sell our first projects in Sweden and to be able to secure a multi-year agreement with a large offtaker.

“The Nordic countries are important to us and we hope to expand our pipeline here.”