Renewable Power Capital (RPC) has signed a deal worth €800m to acquire a 528MW cluster of ready-to-build onshore wind farms in Sweden from undisclosed sellers advised by Newsec Infra.
The wind farms are located in the Kramfors and Sollefteå municipalities and are expected to power 182,000 homes after their commissioning.
According to Renewable Power Capital, the consideration covers the acquisition cost and the commitment of the capital needed for constructing the wind farms.
The company said that the four sites are anticipated to produce power that is ready for export to the grid in the fourth quarter of 2025. The four sites are Knäsjöberget, Sörlidberget, Vitberget, and Storhöjden.
Renewable Power Capital will also handle the procurement and supervision of the construction of the projects.
Newsec Infra managing partner Omid Ashrafi said: “We are delighted to sign the deal with RPC and work alongside the team to enable the construction of this high quality 528 MW portfolio.
“The Nordics continue to be on the forefront of the energy transition with subsidy-independent large-scale renewable energy projects that require sophistication in both technical, financial and commercial structuring.”
The deal is the third for Renewable Power Capital in 2022. It increases its onshore wind portfolio from 317MW to 845MW across Sweden and Finland along with a pipeline of nearly 4GW solar photovoltaic (PV) projects in Spain.
Renewable Power Capital CEO Bob Psaradellis said: “We set out to bring a new approach to investing in, owning, and operating renewable energy assets and we see our relationship to projects very much over the long term, which is why we continue to have strong conviction in renewable energy despite the current volatility in the market.
“Increased renewables capacity in Europe in a post subsidy world is good for energy security and for the energy transition.”
Renewable Power Capital was established in 2020 by Canada Pension Plan Investment Board (CPP Investments) as a pan-European renewable energy investment platform.
In March 2022, the renewable energy firm signed a 10-year power purchase agreement with Gasum under which the latter will buy the majority of the power produced by the 44MW Rustari wind farm in Finland.
