Greencoat Renewables is to acquire the over 134MW Erstrask North wind farm in Norrbotten County, Sweden from Enercon for an undisclosed price on a forward sale basis.
The 134.4MW project is currently under construction and is expected to be fully commissioned in the fourth quarter of 2023.
Enercon will provide long-term operations and maintenance services once Erstrask North is fully operational.
The wind farm will initially operate as a merchant asset but has the flexibility in the future to contract the electricity produced via a corporate power purchase agreement.
This is Greencoat Renewables’s second acquisition in this location, having acquired Erstrask South wind farm in October 2021.
The project will bring Greencoat Renewable’s overall capacity on the site to 235MW.
Greencoat Capital is the investment manager for Greencoat Renewables.
Greencoat Capital partner Paul O’Donnell said: “We are delighted to partner with Enercon and agree to acquire the Erstrask North wind farm.
“Sweden is becoming a major hub for green energy, with the combination of low-cost generation and a number of attractive routes to market.
“As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well positioned to benefit both across mainland Europe and in Ireland.”