Greencoat Renewables has acquired the Erstrask South wind farm of over 101 MW in Norrbotten County, Sweden from Enercon for an unpublished price.
Erstrask South consists of 26 Enercon E103 and 10 E126 turbines and was commissioned in January 2021.
Enercon will continue to provide long-term operation and maintenance services.
The acquisition is Greencoat Renewables’ first transaction in Sweden, which expands the company’s operational presence in the Nordic region.
Greencoat said that Erstrask South is part of a large emerging cluster of renewable production in the Markbygden area, with a potential installed capacity of 4GW.
The wind farm is currently contracted as a commercial asset that exports electricity to Nordpool, but has the flexibility to contract the electricity produced in the future via a company agreement on electricity purchases.
The acquisition will be financed through a withdrawal from the company’s existing revolving credit facility.
Greencoat Capital’s partner Paul O’Donnell said: “Securing our first asset in Sweden and expanding our presence in the Nordic region is an important milestone for Greencoat.
“Sweden is becoming a major hub for green energy, with the combination of low-cost production, significant capacity in development and a number of attractive routes to the market, including access to Nordpool and a rapidly growing corporate PPA market.
“We are pleased to secure such a high-quality asset from Enercon and are well positioned to take advantage of future market opportunities.”
Greencoat Capital is the investment manager for Greencoat Renewables.