Global law firm White & Case LLP has advised HgCapital Renewable Power Partners and its Swedish wind farm investment vehicle Vasa Vind on an investment by APG in the 288MW Åskalen onshore wind power project, which is located in the central Sweden region of Jämtland.
"In recent years we have seen a greater interest in infrastructure as an asset class and renewable energy in particular," said Stockholm-based White & Case partner Johan Steen, who led the Firm's deal team. "Being a part of this landmark deal is yet another testament to our team's strength and experience in this area."
The project will comprise of 80 Vestas V136 3.6MW turbines, which makes it the largest ever onshore wind power project in Sweden. The project will, when commissioning is completed in 2020, deliver a total power production of nearly 1TWh per annum, equivalent to 50,000 Swedish households. The total investment will amount to approximately €300 million.
Pension funds ABP and PPF APG, the assets of which are managed by APG, will become the new owners of the wind farm, which is incorporated in the Swedish entity Trekilen AB, while Vasa Vind will be responsible for the construction and operations project management. Vestas will be responsible for the operations and maintenance of the wind farm through a 20-year contract.
HgCapital is an established sector-focused private equity investor, and a leading European investor in renewable power projects since 2006, managing more than €845 million on behalf of 30 global institutional clients across two dedicated funds: RPP1 and RPP2. Vasa Vind is a Swedish onshore wind developer and operator acquired by RPP2 in 2013. It manages 200MW of operating projects and has a development pipeline of more than 700MW.
The White & Case team in Stockholm which advised on the transaction was led by partner Johan Steen with support from associates Henrik Wireklint, Alex Ydstie and Maja Nilsson.
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