Green Investment Group, a world leading infrastructure investor, has signed an agreement with developer OX2 to acquire a 43 MW wind farm in Hornamossen, Habo municipality, Sweden.
Construction will start immediately with an estimated completion of the farm by late 2020.
Ed Northam, Head of GIG EMEA, says: ‘I’m delighted to be partnering with OX2 to deliver GIG’s third PPA-backed onshore wind development in Sweden in under two years. As the popularity of PPAs grows across Europe, Sweden continues to lead the way and 2019 looks set to be another exceptional year for Swedish onshore wind. GIG will continue to seek new opportunities right across the Nordic region as we pursue our mission to accelerate the transition to a greener global economy.’
“I’m delighted to be partnering with OX2 to deliver GIG’s third PPA-backed onshore wind development in Sweden in under two years” Ed Northam, Head of GIG EMEA
“We are very pleased to establish this relationship with Green Investment Group, a very strong and capable investor into Nordic renewables”, says Paul Stormoen, CEO of OX2.
“Project development was initiated by OX2 in 2006 and we are happy to see construction now commence”, concludes Dimitrios Tsioulis, Transaction Manager, OX2.
OX2 is constructing the Hornamossen wind farm under a tailored EPC contract and will, once commissioned, be responsible for the technical and commercial management of the wind farm. Turbine provider Siemens Gamesa will be the O&M contractor under a 25-year agreement. Chosen wind turbines are Siemens Gamesa SWT-DD-130 4.3 MW. The wind farm is expected to be completed by late 2020.
OX2 is currently building seven wind farms with a total of approximately 750 MW in Sweden.
Facts about the project
- The facility will comprise 10 wind turbines from Siemens Gamesa, SWT-DD-130 4.3 MW, each with a total height of 175 metres
- The project is expected to produce enough renewable electricity to power 24 000 households/year (5,000 kWh per household)
- The wind farm is expected to be completed by late 2020
- The major sub-contractors are: Siemens Gamesa (turbines), Vattenfall (national grid), Kanonaden AB (ground work and foundations).
- OX2 was advised by DLA Piper (legal) on the transaction.
- GIG structured and secured a long-term PPA for the project with Axpo Nordic.
OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2 GW of wind power in the Nordic region. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania, France and Germany. Its head office is located in Stockholm, Sweden. Sales revenue in 2018 amounted to EUR 403 million. For more information, please visit: www.ox2.com
About Green Investment Group and Macquarie Group
Green Investment Group Limited (GIG) is a specialist in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services. Its track record, expertise and capability make it a global leader in green investment, dedicated to supporting the growth of the global green economy.
The business was launched initially by the UK Government in 2012 as the first institution of its type in the world. The organization was acquired by Macquarie Group in 2017, creating one of Europe’s largest teams of dedicated green infrastructure investors, and now operates under the name Green Investment Group.
Macquarie Group Limited (Macquarie) is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 14,469 people in over 25 countries. At 31 March
2018, Macquarie had assets under management of £309.9 billion. For further information, visit www.macquarie.com.
For more information, visit www.greeninvestmentgroup.com and www.macquarie.com.