Wallenstam has agreed to sell all its wind farms, comprising 53 wind turbines with a total installed capacity of 112MW, to Locus Energy in a transaction valuing the turbines at Skr830m ($87.46m).
Locus Energy will acquire the company holding the wind assets once the Swedish Inspectorate of Strategic Products (ISP) has approved the deal.
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As part of the deal, Wallenstam has also arranged to secure a supply of renewable energy through an agreement with Locus Energy.
Wallenstam first invested in wind power in 2007. In 2013, it became the first listed property company to achieve self-sufficiency in renewable electricity on a monthly basis from its own wind generation.
Wallenstam CEO Hans Wallenstam said: “It feels good to have contributed to the green transition of electricity generation in Sweden. We invested early in wind power and have been on a journey where a lot has happened.
“Now, repowering and other investments are required to further develop the wind turbines, something that a larger and more specialised operator like Locus Energy is better equipped to do. The timing feels right.
“Meanwhile, it is important to me that we can also ensure a continued supply of renewable energy for our properties.”
The wind sector has grown in Sweden since Wallenstam’s initial investment, increasing from less than 1% of national electricity output to around 25% at present.
Locus Energy is described as a long-term owner and developer of renewable energy in the Nordic region.
The company is owned by the Article 9 fund SEB Nordic Energy and employs capital from the fund to invest in assets such as hydropower, wind power and battery storage.
Locus Energy’s activities are part of a broader partnership between SEB Asset Management and Locus Infra focused on investments in renewable energy and infrastructure.
Locus Energy CEO Niklas Sörensen said: “It is exciting to take over the baton and continue developing the wind power assets to meet future conditions.
“With our existing portfolio of different asset classes, we look forward to working together with Wallenstam and our partners to create an electricity price agreement tailored to the needs of real estate companies.”
