London, U.K. (January 07, 2021) – Renewable Power Capital (RPC) has made its first investment in Sweden by committing to the acquisition of a 100% ownership interest in a 146 MW onshore wind project from OX2, a leading developer and constructor of large-scale onshore wind power in Europe. The transaction is valued at €190 million.
Klevberget onshore wind farm is located near Sundsvall, in the Medelpad province of Sweden, and has an expected annual net production of 417 GWh. It will provide clean energy equivalent to the consumption of approximately 46,000 households. OX2 will build the wind farm and will take care of their technical and commercial management following completion. Construction will begin immediately after closing, with electricity planned to be available to market in November 2023.
The deal reflects a strong partnership between RPC and OX2. RPC’s first investment as a company in January 2021 was the acquisition of an 100% ownership interest of three onshore wind farm projects in Finland with a combined capacity of 171 MW from OX2, in a transaction valued at €245 million.
RPC’s deep capability and flexible capital have allowed it to make this second acquisition from OX2 unlevered and unhedged. Their strong execution capabilities took the deal from exclusivity to signing within two months, showcasing the speed and certainty with which RPC can make deals. The expansion into Sweden signals RPC’s commitment to the Nordic region as a key part of their European strategy.
Bob Psaradellis, CEO, Renewable Power Capital, said: “OX2 are a market leader in large-scale wind development and construction, and we are thrilled to expand our relationship with another long-term investment that can compete without subsidies in the Nordic region. This deal marks RPC’s expansion into Sweden as we build our onshore renewable generation platform and aim to become a key contributor to Europe’s decarbonisation.”
“I sincerely want to thank the team at Renewable Power Capital for a great collaboration once again. This is the fourth wind farm we will realize together in less than two years, demonstrating the high level of trust between the companies.” says Paul Stormoen, CEO, OX2.
RPC, Lizzy Roberts: email@example.com 07814730090
Renewable Power Capital is a pan-European renewable energy investment platform established in 2020, Renewable Power Capital is a pan-European renewable energy investment platform established in 2020, backed by CPP Investments. Renewable Power Capital is registered in the United Kingdom, with headquarters in London. We invest in the development, construction, and long-term ownership of solar, onshore wind and battery storage projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. Our flexible mandate allows us to structure investments that recognize the changing market dynamics in Europe and to develop innovate solutions for managing development, construction, and merchant investments. For more information, please visit www.renewablepowercapital.com.
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 developed and constructed more than 2.4 GW of wind power in Europe. OX2 currently has management contracts for 40 wind farms (2.15 GW). OX2’s mission is to lead the ongoing energy transition and promote a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is in Stockholm, Sweden. Sales revenue in 2019 amounted to €463 million. For more information, please visit: www.ox2.com.