UK-based Green Investment Group (GIG) has announced a £240 million deal to build a 235 MW onshore wind farm in Sweden.
The Overturingen wind farm will be equipped with 56 Siemens Gamesa 4.2 MW turbines. The project is backed by a 29-year power purchase agreement (PPA) with Norsk Hydro.
GIG says that in partnership with SCA, it has commercialised, structured and financed the project through development to financial close. This includes the origination and structuring of what is believed to be one of the longest corporate wind energy PPAs globally.
Mark Dooley, Global Head of Green Energy for Macquarie Capital and the Green Investment Group said: “This project is the latest to utilise a new investment model – developing new projects by working with companies who want to buy renewable energy directly.
“This model provides the secure revenues needed to finance renewable energy assets with less and less reliance on public subsidy. It follows similarly structured GIG and Macquarie Capital projects such as Markbygden Ett in Sweden, Canadian Breaks in the US and Lal Lal and Murra Warra in Australia.”
Main construction at the project site is scheduled to start this summer and is expected to be completed by December 2019.