Downing Renewables & Infrastructure Trust (DORE) has signed an exclusivity agreement with Bagnall Energy in relation to a proposed investment in the 100MW Rewind Vanern wind farm in Sweden, which has been developed by Cloudberry Clean Energy.
Bagnall is part of the Downing Estate Planning Service, which is managed by Downing, DORE’s investment manager.
The agreement gives DORE the option to enter into a commitment for the wind farm once certain conditions have been met.
Once the conditions have been met, DORE would own about 40% of the project, with Bagnall and Cloudberry owning 40% and 20% respectively.
Confirmation of the acquisition is expected to be announced in the summer of 2021.
The project is located in Lake Vanern and will comprise 16 turbines.
Downing head of energy and infrastructure Tom Williams said: “We are delighted to sign this exclusivity agreement today with the option to co-invest with Bagnall.
“We look forward to commencing the imminent construction of the 16-turbine project with an operational launch date for 2023/24.
“Cloudberry is a leading hydropower and wind power plant expert in the Nordics and the wind farm is going to significantly improve the region’s access to clean and renewable energy, supporting our mandate of investing in a diversified portfolio of high-quality renewable projects while continuing to play our part in global efforts to combat climate change.”