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Sweden

Sweden

Financing secured for 357MW Swedish project

SWEDEN: Developer OX2 and investment firm Aquila Capital have completed the financing of a 357MW wind farm, the companies have announced.

Construction of the Valhalla site (above) in central Sweden will start immediately, OX2 stated
Construction of the Valhalla site (above) in central Sweden will start immediately, OX2 stated

The 85-turbine Valhalla project will be built on two sites in Bollnäs and Ockelbo in central Sweden, and is expected to be operational in the spring of 2020.

German investment firm Aquila will acquire the project, while developer OX2 will deliver it under an engineering, procurement and construction (EPC) contract, the two companies stated. Construction is set to start immediately, they added.

The site will comprise 85 of Vestas’ V136-4.2MW models, each with a total height of 180 metres.

An as-yet undisclosed "high-calibre off-taker" will buy power from Valhalla under a "long-term" agreement, the two companies added.

Aquila surpassed 1GW of wind power transactions in August — a portfolio that includes several agreements with OX2.

The German company also invests in other forms of renewable energy, including solar PV and hydropower, and real estate.

It owns the 148MW Lehtirova wind farm in Sweden’s northernmost county, Norrbotten, and the 65MW Högkölen site near the Baltic coast — both of which are being developed by OX2.

The Finnish-Swedish developer, meanwhile, said it is currently building six wind farms in the Nordic region, with a total capacity of 717MW.

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