Nuveen Infrastructure, one of the world’s leading clean energy infrastructure managers, has agreed the forward purchase of a 27MW onshore wind farm in Southern Italy from OX2.
The project, which is located in Italy’s Apulia region, has been acquired under the Nuveen European Core Renewable Infrastructure strategy, which launched last year in partnership with MN.
The strategy offers investors exposure to brownfield renewable projects across the Netherlands, UK, France, Spain, Italy, the Nordics, Germany and the other Benelux countries. The deal marks another milestone for the strategy following the acquisition of a 47MW Swedish onshore wind portfolio in early 2023.
Under the terms of the agreement, OX2 will finalise construction of the wind farm, which has a commercial operation date of September 2024. At this point, Glennmont will complete the full purchase of the project.
Joost Bergsma, Founder of Glennmont Partners from Nuveen, said of the deal:
“We are delighted to have signed this agreement with OX2 to expand our portfolio of onshore wind projects in Italy. Acquiring the project via a forward COD purchase enables our investors to benefit from the stable returns while avoiding the risk associated with construction.
“The deal fits particularly with our brownfield infrastructure investment strategy, and will deliver low-cost, clean, domestically-produced power to Southern Italy.”
Paul Stormoen, CEO of OX2 said:
“We are happy to announce the divestment of our first project in Italy. Italy is a market with great long-term potential, and we are looking forward to developing more projects in onshore as well as technologies such as solar and energy storage. We are also happy that the buyer is Nuveen Infrastructure that has a very strong track record of clean energy investments”