Nuveen Infrastructure’s clean energy specialist and one of the world’s largest fund managers investing in clean energy, have today announced their landmark investment in Sweden which will see them acquire a 47MW onshore wind portfolio.
The investment is the first from the open-ended €700m brownfield European renewable infrastructure fund, which was launched with Dutch investor MN last year to invest in brownfield renewables projects in Europe.
The transaction will see the fund acquire Langmarken wind farm in Kristinehamn, Southern Sweden, which has a total capacity of 19.8MW, and Vasberget wind farm in Ljusdal, Northern Sweden, which has a 27.6MW capacity.
Vasberget and Langmarken have been purchased from Eolus and the French asset manager Mirova, an affiliate of Natixis Investment Management dedicated to sustainable investment, via its funds Mirova Eurofideme 3 and Mirova Renewable Co-Investment 1.
Both wind farms have been operational since 2017 and offer a versatile multi-option PPA offtake framework with Statkraft until 2032, allowing for short and medium-term strategic adaptability.
The acquisition follows the firm’s recent entries into the US and South Korean markets, and is their second investment in the Nordics after the Piiparinmäki wind farm in Finland, which became operational in September last year.
Joost Bergsma, CEO at Glennmont Partners from Nuveen, said:
“We’re delighted to have worked with Mirova to complete our first investment in Sweden. The Swedish wind sector market is a key target market in the Nordic region for Glennmont and these assets fit well with our brownfield renewable infrastructure investment strategy.”
“We look forward to building on this success by realising further investment opportunities in geographies like Sweden, while helping our investors to decarbonise their portfolios and deliver a more secure and clean supply of energy.”
Raphael Lance, Head of Energy Transition Funds at Mirova added:
“We are proud to have brought in operation this Swedish portfolio with the help of initial developers and construction companies Eolus and RES Renewables Norden and with the support of our co-investor EIB.
After almost six years of operations, in line with our third fund mandate, we are delighted to hand it over to the experienced teams at Nuveen.”
Newsec Infra acted as exclusive financial adviser to Mirova and Eolus on the transaction.
December 11, 2023