The company has bought the project from its previous owner, the forestry company Bergvik Skog.
Located near Lillhärdal in Sweden's Härjedalen province, the project comprises 130MW turbines. An application for an environmental permit for the project has been submitted, but not yet approved.
In a statement Arise said that under the deal, the company would take on responsibility for the continued implementation of the project.
Arise plans to have 700MW of wind capacity under construction in Sweden by 2014.