China's CGN buys majority of 650-MW Swedish wind project - report

Vestas turbines in Sweden. Courtesy of Vestas Wind Systems A/S.

July 18 (Renewables Now) - China General Nuclear Power Corporation (CGN) has bought a 75% stake in the 650-MW North Pole wind project in Sweden, state news agency Xinhua said today.

CGN has acquired the controlling stake from Australia’s Macquarie Group (ASX:MQG) and US conglomerate General Electric Co (NYSE:GE), according to the report, which did not mention a price.

The particular plant is currently being built in Pitea and is expected to be completed by the end of next year, at which point it will become the largest single-site onshore wind farm in Europe.

Xinhua quoted CGN CEO Liu Wei as saying that the group’s European energy arm has wind and solar power assets with a combined capacity surpassing 1 GW.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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