Renewable

May 4 (Renewables Now) - Sweden’s Helios Nordic Energy AB, a portfolio company of Norwegian renewable energy investor Magnora ASA (OSE:MGN), has struck a deal to offload 69 MWp of solar projects in Sweden to a fund managed by German investment manager Commerz Real AG.

The portfolio consists of two photovoltaic (PV) projects that were developed by Helios and will be installed without subsidies, Magnora said on Tuesday. The schemes will be owned by Commerz Real’s Institutional Renewable Energies Fund II, the German firm announced separately, adding that the transaction marks its entry into the Swedish solar PV market.

Financial details about the arrangement were kept under wraps.

With a capacity of 21.7 MWp, the Kings Roar plant will be built in central Sweden’s Vasteras municipality, while the 47.3-MWp Tierpark will be located in Tierp municipality, in the eastern parts of the country. Construction of the larger park is due to begin later this year after final building permits are secured.

Sweden’s Solkompaniet has been hired as the engineering, procurement and construction (EPC) contractor. Helios will handle the plants’ operations and maintenance.

According to the press statements, the ownership transfer of the Kings Roar project has been completed. The closing for the other scheme is scheduled for the autumn.

The two solar farms are due to go online in 2023. Their combined output is estimated to be equal to the consumption of 8,500 local homes.

Join Renewables Now's free daily newsletter now!