Greencoat Renewables has acquired a 134.4MW wind farm project being developed in Sweden from Enercon.
The renewable energy infrastructure investor said it has agreed to buy the Ersträsk North wind farm in Norrbotten County in a forward sale transaction, without disclosing financial details.
The Ersträsk North wind farm is expected to be fully commissioned in the fourth quarter of 2023. Once operational, Enercon will provide long-term operations and maintenance services.
In February last year, Greencoat agreed its first transaction in the Nordics as it agreed to buy the Kokkoneva wind farm in Finland for €60m from Abo Wind in a forward sale deal.
The latest deal is Greencoat’s second acquisition in this location, having acquired Ersträsk South wind farm in October last year, and will bring the listed renewable company’s overall capacity on this site to 235MW.
Sweden is becoming a major hub for green energy, with the combination of low-cost generation and a number of attractive routes to market, said Paul O’Donnell, partner at Greencoat Capital, the investment manager.
“As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well-positioned to benefit both across mainland Europe and in Ireland.”
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