EIB and Mirova acquire wind farm in Sweden
The EIB and Mirova-Eurofideme 3, a renewable energy fund managed by Mirova, have signed an agreement to acquire the 20 MW Langmarken onshore wind farm located in Värmland County, Sweden. The joint venture will own 90% of the shares while Eolus will retain the remaining 10%.
The EIB will provide €16 million (US$18 million). It is the first renewable energy investment made by the EIB through the European Fund for Strategic Investments (EFSI), and at the same time the first EIB project in Sweden supported under the Investment Plan for Europe.
Eolus will build and manage the wind farm which includes 6 Vestas V126-3.3 MW wind turbines. Two more turbines have been respectively acquired by the City of Malmö and the local Kalmar County Council.
The project is fully permitted and its construction started in January 2016. It will be connected to the national grid through a local substation operated by Kristinehamns Energi AB. The commissioning of the project is targeted for the first quarter of 2017.
Jan Vapaavuori, EIB Vice-President responsible for operations in Sweden, commented:
“We are glad to cooperate with Mirova and support the Langmarken wind project, as it will contribute to the achievement of European and Swedish targets for renewable energy generation and CO2 emissions reduction. This first EIB project in Sweden under the Investment Plan for Europe is only a start of the EFSI rollout in this country, within which we have been developing new financial products aiming to extend the EIB’s risk capacity and market reach.”
Miguel Arias Cañete, European Commissioner for Energy and Climate Action, said:
“I am happy that we now have a concrete project in Sweden that is benefiting from the European Fund for Strategic Investments. The project also contributes to our aims of an Energy Union – to ensure sustainable energy for Europe and its citizens. Sweden is a frontrunner in renewable energy and reduced emissions.”
Raphael Lance, Head of Renewable Funds at Mirova, added:
“We are very proud to have been selected by the EIB for their first co-investment in the renewable energy sector. We believe that the extensive track record of Eolus in developing and building wind farms and the intrinsic quality of the site have been crucial to achieving this investment despite a challenging market environment. It is our opinion that wind power in Sweden is one of the most attractive long-term plays in European renewables. It adds another very competitive asset to Mirova-Eurofideme 3’s portfolio which already comprises six wind, solar and hydro investments, primarily in France and in Sweden."
