Aneo, a Nordic renewable energy group has acquired a 130MW wind farm in Sweden from a KGAL fund.
The energy group has invested an unspecified sum to acquire the Bäckhammar wind farm from the KGAL ESPF 4 fund.
Bäckhammar, located in Kristinehamn municipality in southern Sweden, has been generating electricity since late 2020, with most of its output supplied to a US technology group through a 10-year power purchase agreement (PPA).
Gunnar Hovland, CEO of Aneo, said: “We have strong belief in the long-term development of the Nordic power market. With this acquisition, we are strengthening our position and taking another step toward building a solid and profitable renewable energy portfolio – while also improving our geographic balance.”
Andreas Ochsenkühn, head of portfolio management sustainable infrastructure at KGAL, said: “Bäckhammar is an excellent example of our buy, build, sell strategy. This Swedish wind farm was KGAL ESPF 4’s first major commitment and was made possible by co-investment from a fund investor.”
KGAL acquired the asset approximately six years ago.
Ochsenkühn added: “The successful structuring of a viable contractual framework, the implementation of a PPA tender process and the securing of long-term debt financing on competitive terms laid the foundation for the project’s success.”
KGAL said a new fund in its ESPF series will launch soon, with a focus not only on power generation, but also on battery storage and grid expansion.
To read the latest IPE Real Assets magazine click here.
