Nuveen Infrastructure has extended the existing PPA structure with Statkraft covering the Vasberget and Langmarken onshore wind farms in Sweden.
Nuveen acquired the 47MW portfolio in January 2023 as the first investment from its landmark €700m brownfield European core renewable infrastructure strategy with Dutch investor MN.
The subsequent agreement with Statkraft sees the firm opt to utilise the multi-option PPA offtake framework, as well as expanding the agreements to include Portfolio Management of the Guarantee of Origin certificates (GOs).
The GOs expansion initially includes Langmarken wind farm in Kristinehamn, Southern Sweden, which has a total capacity of 19.8MW, and the 27.6MW Vasberget wind farm in Ljusdal, Northern Sweden.
For Nuveen, the acquisition consolidates its expanding presence in the Nordics market, which also includes the Piiparinmaki wind farm and neighbouring battery storage project in Finland.
Chief executive at Glennmont Partners from Nuveen Joost Bergsma said: “The acquisition of the Vasberget and Langmarken onshore wind farms were significant as the first investment of our European core renewables infrastructure strategy and we are delighted to have finalised this agreement to ensure its continued success.
“Our original multi-option PPA with Statkraft was agreed with strategic adaptability in mind, and we are pleased to see this evidenced through the signing of an extended PPA. We continue to utilise our varied expertise to secure the most attractive investment opportunities globally, whilst exploring innovative routes to market which guarantee returns.”