Sweden

Sweden

Offshore wind newcomer divests 80% of Swedish lake project

UK investment firm Downing will buy a majority stake in a 100MW wind farm in Lake Vänern for around €29 million

The future site of the 100MW Rewind Vänern offshore wind farm (pic credit: PxFuel)
The future site of the 100MW Rewind Vänern offshore wind farm (pic credit: PxFuel)

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Norwegian renewables developer Cloudberry Clean Energy has agreed to sell 80% of its debut offshore wind farm – a 100MW project in Sweden’s largest lake.

UK investment firm Downing will buy 80% of shares in the 100MW Rewind Vänern Rewind Vänern (100MW) OffshoreVänern, Sweden, Europe Click to see full details project in the Vänern lake in the south-west of Sweden.

Financial close of the acquisition – valued at NOK 300 million (€29 million) – is expected in summer 2021.

Downing will split its 80% share between its wholly owned subsidiary Bagnall Energy and the Downing Renewables and Infrastructure Trust (DORE). It is not clear whether this 80% will be split evenly between the two subsidiaries. Cloudberry will hold the 20% remainder.

Cloudberry had acquired the project when it bought Scanvind2, the holding company initially behind the wind farm. It has previously developed onshore wind and hydropower projects, but never offshore wind before.

The 16-turbine project is expected online in 2023.

No turbine supplier has been nominated for the project, but with a 100MW total capacity and 16 turbines, the average power rating will be about 6.25MW.

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