The London-listed Aquila European Renewables Income Fund has acquired a minority stake in the 150MW Midfjellet wind farm in Norway.
The fund has taken in a 25.9% interest in the project, which was built in three stages.
Phases one and two comprise 44 Nordex N100 and N90 turbines each with 2.5MW capacity, while the third phase consists of 11 N117 3.6MW machines from the same manufacturer.
The fund said a comprehensive hedging strategy for the proceeds from the sale of electricity and green electricity certificates as well as guarantees of origin was recently implemented by Aquila Capital.
A power purchase agreement covers 70% of the expected P-50 production from the wind farm for the next 10 years, it added.
Aquila chairman Ian Nolan said: “The board is very pleased with the continued capital deployment towards a diversified portfolio of renewable energy assets.
“Investments in projects backed by PPAs is a key element of the company`s investment strategy and value proposition.”