Foresight closes co-investment for 231MW wind project in Sweden

Foresight Group LLP has reached the closing of co-investment from a syndicate of four institutions it has arranged to invest alongside Foresight Energy Infrastructure Partners (FEIP), to finance the greenfield 231 MW Skaftåsen onshore wind project in Sweden.

The project, which Foresight acquired from Arise AB in December 2019, is FEIP’s first investment and represents the largest wind farm in the company's expanding portfolio. The co-investor syndicate is comprised of BAE Systems Pension Funds Investment Management Ltd (BAPFIM) acting on behalf of the BAE Systems Pension Funds, Polhem Infra KB (Polhem), Kommunal Landspensjonskasse Gjensidig Forsikringsselskap (KLP), and funds managed or advised by Arcano Partners (Arcano). The co-investors have each entered into advisory agreements with Foresight in relation to their investments.

The project, currently under construction is located in the Härjedalen Municipality of Central Sweden. The wind farm will be the first in the world to feature the most powerful onshore wind turbines developed to-date - the Siemens Gamesa 5x platform utilizing 35 x SG 5.8-155 turbines with flexible power rating and operating at 6.6MW.

The 231MW project has been assessed favourably against Foresight’s stringent sustainability requirements. It is estimated that the project will generate power equivalent to saving 425,000 tonnes of CO2 emissions per annum when compared to coal-powered electricity generation. The project will also contribute 1% of revenues to the local community during operations.