Nordic renewables outfit Cloudberry Clean Energy has entered into an exclusivity agreement with investment manager Downing to sell a majority stake in the 100MW Rewind Vanern nearshore wind farm in Sweden.
A due diligence process has been initiated and the parties intend to sign a share purchase agreement by the end of the year.
Financial close is expected in first half of 2021.
Cloudberry chief executive Anders Lenborg said: “We are very pleased to cooperate with such an experienced infrastructure investor as Downing.
“The project partnership is an important step towards fulfilling Cloudberry’s growth ambitions within shallow water wind power.
“It also shows our ability to realise significant value from our large pipeline of projects under development.”
Lenborg added that Cloudberry’s development offshore strategy is to secure financing and construction through a partnering model.
“Cloudberry’s specialised development competence, local presence and the construction licenses are the company’s key value contributions to shallow water projects.
“This partnership with Downing, where Cloudberry will participate with a 20% ownership stake, is an excellent example of this.”
Downing investment director Henrik Dahlstrom said: “Downing has been making investments in renewable energy for over a decade with a wealth of experience.
“We are pleased to be partnering with Cloudberry on this landmark project and contributing to the growth of renewable energy generation in Sweden.”