12th Feb 2021 08:37
(Alliance News) - Renewables Infrastructure Group Ltd on Friday said it has acquired Gronhult, a 67.2 megawatt ready-to-build wind farm located in the southwest of Sweden.
The FTSE 250-listed renewable energy-focused investor said the wind farm is being acquired from Swedish utility firm & renewable developer Vattenfall, who will also manage the construction process.
The project will consist of 12 Vestas 5.6 megawatt turbines with construction starting in the second quarter of 2021. It is expected to become operational at the end of the fourth quarter of 2022.
Renewables Infrastructure noted that upon completion, the project will represent around 3% of its portfolio value, with investments in Sweden to account for 10% of its entire portfolio. It added the acquisition takes its exposure to construction projects to around 6% of its portfolio value.
"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," said Richard Crawford, director of Infrastructure at investment manager InfraRed Capital Partners Ltd.
Shares in Renewables Infrastructure were trading 0.6% lower at 127.80 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Renewables Infrastructure Group