Octopus Renewables has announced the acquisition of a 49% stake in the Rodene onshore wind farm from asset management company Mirova.
The onshore wind farm, located outside Alingsås in Västra Götaland, Sweden, is currently under construction by RES under an engineering, procurement and construction (EPC) contract.
Once operational, Rodene will compromise 13 wind turbines with a total capacity of 85.8MW, the equivalent of powering 40,000 homes in Sweden, resulting in a yearly saving of 230,000 tons of CO2 equivalent.
The wind farm is expected to be fully operational in the second half of 2022.
Octopus Renewables is the largest investor of utility scale solar power in Europe, as well as a leading investor in onshore wind and biomass, managing a global portfolio valued at more than £3bn.
Octopus Renewables investment director Peter Dias said: “We are pleased to partner with Mirova, a like-minded and certified B Corp investor, who share our passion for driving the energy market towards a future powered by renewable energy.
“This transaction marks an important milestone for our team, as our second investment in onshore wind in Sweden, and we hope to continue to build our presence in the region.
“It also marks the continuation of our relationship with RES, who currently manage 17 other wind farms for Octopus.
“We look forward to working with both Mirova and RES as we progress with the construction phase of Rodene.”
Mirova has been committed to increasing local production of renewable energy in the Nordics for more than 10 years and acquired Rodene Wind Farm from RES in April 2020.
It was the first project in Sweden for Mirova-Eurofideme 4, the energy transition fund which closed in November 2019 and is now almost fully deployed.
Mirova head of energy transition funds Raphael Lance said: “We are pleased to announce this first co-investment with Octopus Renewables – an experienced player in European renewable energy space and a long-term partner of RES.
“Octopus and Mirova share a common approach to European renewable assets, and we are looking forward to reproduce the co-investment scheme when it comes to future acquisitions.”