Aquila Capital will increase the capacity of Midtfjellet wind farm in Norway to 150MW by installing eleven 3.6 MW Nordex N117 turbines.
Operating from 2013, Midtfjellet currently has 44 Nordex N100 and N90 wind turbines, installed in two construction phases, and generates over 322 GWh a year. With a 40MW boost, the wind farm will generate over 110 GWh per year.
The installation of the additional turbines in the third construction phase will commence in early 2019.
The wind facility will benefit from optimal wind conditions as it is situated on the coast, 60km off Bergen, Norway.
Aquila Capital has installed over 1GW, with its transaction volume in wind energy exceeding €1bn.
Aquila Capital head of Investment Management Energy & Infrastructure EMEA Susanne Wermter said: “The past few months have shown how value creation can result from collaborations between asset managers and strategic investors.”
Aquila Capital CEO and co-founder Roman Rosslenbroich said: “Our majority stake in Midtfjellet Vindkraft AS represents a decisive step for us in the implementation of our Renewable Energy Strategy in Scandinavia.
“The Nordics generally offer very good wind resources and wind power required lower capital expenditures than in many other feed-in tariff markets, thus the levelized costs of energy of wind in such markets are very competitive.”
“We plan to further diversify the portfolio we manage through selected additional projects in Northern Europe and we are constantly reviewing potential target investments.”
Aquila Capital, set up in 2001, is a provider of alternative investment solutions to real assets, financial and private sectors. The firm has its headquarters in Hamburg, Germany, and has over 200 employees.