Nordic renewables outfit Cloudberry Clean Energy has received 100% acceptance for its offer to the shareholders in the developer of the 100MW Rewind Vanern offshore wind farm in Sweden.
Scanvind2 is the holding company developing the 16-turbine project, which is located in shallow water on the largest lake in Sweden.
Construction is expected to start in 2021-2022.
The settlement of the shares in Scanvind2 will be a combination of reversal of the ScanVind2’s sales credit to Cloudberry, an issuance of about 2.2 million Cloudberry shares at Nkr12.5 (€1.17) a share and a cash payment of Nkr7m.
The transaction is expected to be completed by 26 September.
Cloudberry chief executive Anders Lenborg said: “We know the Rewind Vanern-project well from our participation in the initial project team and will leverage our experience as project owner.
“We have already established dialogues with strong operational and financial partners which are as motivated as us for delivering efficient project development and sound value-creation.
“This transaction is an important new step towards fulfilling Cloudberry’s growth ambitions within offshore wind power and reflects our long-term strategy of being a substantial developer of renewable energy projects in the Nordics.”
The company has ambitions to develop 2.5GW offshore wind power in Sweden by 2030.
Lenborg said: “Offshore wind power in the Baltic Sea has a large potential. Cloudberry has the know-how and experience to efficiently develop such projects.
“We have identified several potential offshore projects as part of our ambition to develop 2500MW offshore wind power in Sweden by 2030.
“This will represent an important contribution to the necessary European energy transition.”