Luxcara has expanded its Scandinavian portfolio with the acquisition of a wind farm project in Sweden.

The asset manager has bought the Önusberget wind farm, part of the Markbygden 1101 cluster, from Svevind for an undisclosed sum.

It was acquired for a portfolio for institutional investors and will receive revenues under a power purchase agreement.

Luxcara said it expects to begin construction activities in 2019 and achieve commercial operation of the project by the end of 2021.

The project has an expected total capacity of 750MW, making it one of the largest single-site onshore wind projects to be realised in Europe.

Alexandra von Bernstorff, a managing partner of Luxcara, said: “We are thrilled to invest in one of Europe’s most attractive locations for wind power and contribute to Sweden’s ambitious goal to become carbon neutral by 2045.

“The project combines great natural resources with our expertise to structure long-term power purchase agreements in the world’s largest power market.”

Wolfgang Kropp, CEO of Svevind, said: “Having worked on the development of the Markbygden 1101 cluster since 2002, Svevind is very excited about this partnership with Luxcara.

“We are pleased to see the success of our hard work, once more demonstrated by the attention the Önusberget wind farm has attracted from world-class asset managers such as Luxcara.”