Onshore wind developer Arise AB is selling a 277MW project in Sweden to a fund managed by UK-based Foresight Group for up to £100m (€118.2m).

Arise said the UK-based investment firm is paying an initial €75m for the Kölvallen wind project and up to €25m variable consideration once the construction of the project is completed.

Nasdaq Stockholm-listed Arise said it will invest around €17m in the project for a 9% equity stake in the wind farm which is expected to be commissioned in early 2025.

Siemens Gamesa will be supplying 42 turbines for the project.

Per-Erik Eriksson, the CEO of Arise, said: ”We are very happy to have realised the company’s largest project to date under these market conditions. We have a longstanding relationship with both Foresight and Siemens Gamesa, not least since the sale of Skaftåsen in 2019, and this partnership is strengthened further through the Kölvallen project.”

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