German renewables asset manager CEE Group acquired the 53MW Zinkgruvan wind farm in Sweden from European Energy.
Zinkgruvan, which has a 10-year offtake agreement with a large international utility, was constructed and connected to the grid in early 2019.
The acquisition of the wind farm, located 70 km from Linkoping, marks CEE’s first investment in Sweden and the first project based on a long-term power purchase offtake agreement (PPA).
CEE chief executive Detlef Schreiber said: “The acquisition of Zinkgruvan wind farm is an important step forward in our international growth strategy.”
The company acquired five wind farms in 2019, including Zinkgruvan, totalling €200m.
The wind farm consists of 14 GE turbines with capacities of 3.8MW, rotor sizes of 137 metres and hub heights of 110 metres.
CEE investment director Jens Schnoor added: “We have a long lasting, very cooperative relationship with European Energy. This helped both parties a lot to finalize this investment, which was financed on an all-equity basis.”
Zinkgruvan is the second construction project in Sweden for European Energy.
European Energy chief executive Knud Erik Andersen said: “We are very proud of the wind farm and we are delighted to hand over the keys to the long-term owner CEE.
“We are delighted that we have managed to successfully sell our first projects in Sweden and to be able to secure a multi-year agreement with a large offtaker. The Nordic countries are important to us and we hope to expand our pipeline here.”