Prime Capital buying 90-MW Finnish wind project ahead of new fund launch
Image by Prime Capital AG.
German independent asset manager Prime Capital AG is buying a Finnish wind project of over 90 MW as the final investment for its Prime Green Energy Infrastructure Fund (PGEIF), it announced on Thursday.
Prime Capital said in a statement that it signed a deal with renewables developer Svevind AB and co-development partner AB Vindkraft i Skog for the purchase of the shovel-ready Project Sandbacka, located northeast of Vaasa. The particular wind farm will be made up of 14 turbines with the combined capacity to generate around 250 GWh per year.
The asset manager will be in charge of the procurement and completion of all required project agreements with the objective to finalise construction by the end of 2024.
”We are pleased to announce that with this transaction we have realized our 10th and final PGEIF investment and have now fully deployed the committed capital of the fund,” said Mathias Bimberg, Head of Infrastructure at Prime Capital AG.
The company noted that the timing of the closing of this transaction is well aligned with the pre-marketing of the new EUR-1-billion (USD 971m) PGEIF II. Fundraising for the successor fund is expected to begin in the next weeks.