Construction on the project comprising 12 Vestas 5.6MW turbines is expected to begin in Q2 2021
The Renewables Infrastructure Group (TRIG) has acquired Grönhult, a 67.2MW ready-to-build onshore wind farm, in the southwest Sweden.
The company has acquired the Grönhult wind farm from Vattenfall, a Swedish utility and a major developer of renewables, who will also manage the construction process.
The project comprising 12 Vestas 5.6MW turbines is expected to see the start of construction in second quarter 2021 and become operational at the end of fourth quarter 2022.
Construction of the project is planned to be funded through equity investment.
The Grönhult project is expected to benefit from increasing electricity demand through enhanced electrification of transport and the expansion of other energy intensive industries including data centres in and around Stockholm and Gothenburg.
InfraRed Capital Partners infrastructure director Richard Crawford said: “We are pleased to expand our presence in Sweden with high quality partners. The Nordic region represents a key market for the Company with a strong pipeline and favourable economics for onshore wind.”
Once complete, the project is expected to represent around 3% of TRIG’s portfolio value on a fully committed basis and investments in Sweden will account for 10% of TRIG’s portfolio.
The Grönhult is expected to receive market-based revenues.
TRIG has invested in a portfolio of over 75 wind, solar and battery storage projects, which have an aggregate net generating capacity of over 1.8GW.
In November last year, the renewable energy infrastructure investment firm announced the acquisition of a 14.3% indirect equity stake in 714MW East Anglia One offshore wind farm in the UK from Green Investment Group (GIG).