CPP-Backed Renewable Power Capital Invests in Swedish Onshore Wind Projects
Posted on 06/03/2022
Renewable Power Capital (RPC), which is backed by Canada Pension Plan Investment Board (CPP Investments), reached a deal on a 528MW cluster of ready-to-build onshore wind projects located in Sweden’s Kramfors and Sollefteå municipalities. The transaction, valued at €800 million, includes the acquisition of the projects and the commitment of the capital required for construction. The four sites are expected to generate power ready for export to grid in the fourth quarter of 2025.
This is the third deal of 2022 for Renewable Power Capital and more than doubles the company’s onshore wind portfolio from 317MW to a total of 845MW across Sweden and Finland, in addition to a nearly 4GW solar PV pipeline in Spain.
The ready-to-build development of onshore wind projects located in Sweden’s Northern Sundsvall, SE2 power price zone.
The project locations are as follows:
Knäsjöberget, in the Sollefteå municipality
Sörlidberget, in the Kramfors and Sollefteå municipalities
Vitberget, in the Kramfors municipality
Storhöjden, in the Kramfors municipality
Newsec Infra (part of Stronghold Group) have advised on more than 65 closed renewable energy deals at a value of approximately EUR 9 billion. Newsec Infra was an advisor for the seller on the deal.
RPC deals to date
RPC in February 2022 made its first investment in Sweden by acquiring the 146MW Klevberget onshore wind farm from OX2. The transaction is valued at €190 million. Klevberget onshore wind farm is located near Sundsvall, in the Medelpad province of Sweden, and has an expected annual net production of 417 GWh.
On March 29, 2021, RPC entered into a 50:50 joint venture with Benbros Solar S.L., a Spanish photovoltaic developer, to develop 14 solar energy projects across Spain. Through the partnership, RPC and Benbros will work together on a portfolio of 3.4GW across the projects located within the regions of Andalucía, Extremadura, Castilla la Mancha, Aragon, and Murcia.
RPC’s first investment as a company was in January 2021 with the acquisition of three onshore wind farm projects (Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia) in Finland with a combined capacity of 171 MW, a transaction valued at €245 million. OX2 was the seller. RPC was launched by CPP Investments in December 2020.
Stockholm-based OX2 develops, builds and manages renewable power generation.
