Nuveen Infrastructure expands PPA in Swedish Onshore Wind

Source: 10/2/2023, Location: Europe

Nuveen Infrastructure (“Nuveen”), one of the world’s largest fund managers investing in clean energy, have announced an extension with Statkraft AS of the existing PPA structure for Vasberget and Langmarken onshore wind farms.

Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 5,700 employees in 21 countries.

Nuveen acquired the 47MW portfolio in January 2023, as the first investment from their landmark €700m brownfield European core renewable infrastructure strategy with Dutch investor MN. The subsequent agreement with Statkraft sees the firm opt to utilize the multi-option PPA offtake framework, as well as expanding the agreements to include Portfolio Management of the Guarantee of Origin certificates (GOs).

The portfolio management service of the GOs initially includes 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.

For Nuveen, the acquisition consolidates their expanding presence in the Nordics market, which also includes the Piiparinmäki wind farm and neighboring battery storage project in Finland. It also constitutes another step forward for their brownfield strategy which has seen further investments in 2023 including a 27MW onshore wind farm in the Apulia region of Southern Italy. More widely, the deal complements recent entries from Nuveen into the US and South Korean markets.

For Statkraft, the GO portfolio management service follows similar 3rd party agreements, as Statkraft aims to provide a route to market for both existing and new build renewables – providing access to Corporate PPAs and Downstream Customers across the Nordics and Continental Europe.

Joost Bergsma, CEO at Glennmont Partners from Nuveen, said:
“The acquisition of the Vasberget and Langmarken onshore wind farms were significant as the first investment of our European core renewables infrastructure strategy and we are delighted to have finalised this agreement to ensure its continued success.

Our original multi-option PPA with Statkraft was agreed with strategic adaptability in mind, and we are pleased to see this evidenced through the signing of an extended PPA. We continue to utilise our varied expertise to secure the most attractive investment opportunities globally, whilst exploring innovative routes to market which guarantee returns.”

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