Foresight wraps up buy of Sweden's 231-MW Skaftasen wind project

UK investment manager Foresight Group LLP today said it has completed the acquisition of the 231-MW Skaftasen wind farm project that is under construction in Sweden.

The deal represents a co-investment from a syndicate of companies that included Foresight Energy Infrastructure Partners (FEIP), BAE Systems Pension Funds Investment Management Ltd, Polhem Infra KB, Kommunal Landspensjonskasse Gjensidig Forsikringsselskap (KLP) and funds managed or advised by Arcano Partners.

The asset was purchased from Swedish onshore wind developer Arise AB (STO:ARISE) for an undisclosed sum. When it unveiled the agreement at end-2019, the vendor said it will get a fixed amount of EUR 19.1 million (USD 20.7m) plus an EUR 6.4 million in variable consideration when the power plant is built. An additional production-based earn-out scheme is also included.

The Skaftasen wind park is being installed in the Harjedalen municipality of Central Sweden. Arise is managing its construction, which according to the press release, is progressing on schedule and on budget. The power plant will be equipped with 35 SG 5.8-155 turbines of 6.6 MW each and will go live in late 2021.

Foresight noted this is the first investment of its renewables infrastructure fund FEIP and its first greenfield onshore wind park in Sweden. The UK firm was advised on legal matters by Ashurst and Vinge, while Ernst & Young provided financial and tax due diligence services.

(EUR 1.0 = USD 1.085)

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