Luxcara invests in one of Europe's largest onshore wind projects
- The Önusberget wind farm, part of the Markbygden 1101 cluster, has been sold by the developer Svevind to the asset manager Luxcara - Luxcara expects to begin construction activities in 2019 and achieve commercial operation of the project by the end of 2021 - The project has an expected total capacity of 750 MW, making it one of the largest single site onshore wind projects to be realized in Europe
Luxcara, a leading asset manager in renewable energy, increases its Scandinavian portfolio with the acquisition of one of Europe's largest single onshore wind projects with an expected total capacity of 750 MW. The project is part of Markbygden 1101 in Northern Sweden, a cluster that was declared by the Swedish government as exceptional in scale.
Project Önusberget has been developed by Svevind. The German-Swedish company develops, sells and operates onshore wind power projects and will continue to support the realization of the project until connection to the grid in 2021.
"We are thrilled to invest in one of Europe's most attractive locations for wind power and contribute to Sweden's ambitious goal to become carbon neutral by 2045. The project combines great natural resources with our expertise to structure long-term power purchase agreements in the world's largest power market", commented Alexandra von Bernstorff, Managing Partner of Luxcara.
Wolfgang Kropp, CEO of Svevind, said: "Having worked on the development of the Markbygden 1101 cluster since 2002, Svevind is very excited about this partnership with Luxcara. We are pleased to see the success of our hard work, once more demonstrated by the attention the Önusberget wind farm has attracted from world-class asset managers such as Luxcara. We look forward to seeing this project and future projects within Markbygden 1101 constructed and contributing to the much-needed fight against climate change. Svevind is very thankful for our local partners in Northern Sweden, who have contributed substantially to the success of this landmark project.
Project Önusberget will be situated in Sweden's Norbotten county, 30 km west of Piteå, with excellent existing infrastructure and strong wind resources. It was acquired for a portfolio for institutional investors and will receive revenues under a power purchase agreement.
CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB and Advokatfirma DLA Piper Sweden KB acted as legal advisors to Luxcara.
Cirio Advokatbyrå AB and Hogan Lovells LLP acted as legal advisors to Svevind. 4initia GmbH and Fieldstone acted jointly as financial adviser to Svevind.
About Luxcara
Luxcara is an independent asset manager offering institutional investors equity and debt investment opportunities in the international renewable energy market. The owner-managed company was founded in 2009. Luxcara acquires, structures, finances and operates renewable energy and related infrastructure projects as a long-term buy-and-hold investor. The company specializes in structuring free-market power purchase agreements.
Luxcara's portfolio includes solar and wind power plants across Europe with a total capacity of more than 2 gigawatt and an investment volume exceeding 2.5 billion euros. With this outstanding track record, Luxcara is one of Europe's most experienced asset managers for renewable energy investments.
About Svevind
Svevind is a privately-owned leading developer, owner and operator of onshore wind projects in Scandinavia. Founded in 1998, Svevind has a track record of permitting approximately 3,600 MW of wind projects in Sweden, of which 228 MW are in operation and further 1,700 MW are under construction. After selling project rights for up to 1,300 MW in 2015 and achieving financial close of the 650 MW wind farm Markbygden Ett in November 2017, Önusberget Vind is the third major transaction by Svevind out of the Markbygden 1101 cluster.
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