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October 1, 2021updated 16 Nov 2021 9:26am

Green Investment Group acquires Kattegatt wind farm in Sweden

The offshore wind farm project is estimated to reduce Sweden's carbon emissions by up to 49,000t a year.

By Umesh Ellichipuram

UK-based infrastructure investment company Green Investment Group (GIG), owned by Macquarie, has acquired the rights for the Kattegatt offshore wind farm in Sweden.

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The wind project is located off the coast of the Falkenberg municipality in the region of Halland.

It was acquired from Agrivind, an engineering company based in Sweden, for an undisclosed sum.

The Kattegatt wind farm is currently in development and is expected to have an installed capacity of up to 260MW.

The project will generate enough electricity to power more than 95,000 homes in the region once it is operational.

It is estimated that the project will reduce Sweden’s total carbon emissions by up to 49,000t a year.

For more than three years, Wind Sweden supported Agrivind in the development of the Kattegatt wind project by working with local stakeholders.

Wind Sweden will continue to support GIG in the development of the wind farm.

GIG has also said that it will continue its association with the local community and supply chain to support jobs and investment opportunities across Halland.

GIG UK and Europe head Edward Northam said: “The Kattegatt Wind Farm is set to be a key development for the Falkenberg municipality and for Sweden’s burgeoning offshore wind sector.

“Offshore wind can help Sweden meet its climate goals and diversify its electricity supply while supporting jobs and creating economic opportunities.”

Sweden aims to generate all its electricity from renewable energy by 2040. To meet this target, the country is expected to install more offshore wind capacity.

The country’s operational offshore wind capacity currently amounts to 191MW. Electricity transmission system operator Svenska kraftnät has suggested that this could reach 4GW by 2035.

Last month, GIG acquired Irish company Fuinneamh Sceirde Teoranta, which is developing the proposed Sceirde Rocks offshore wind farm in Galway, Ireland.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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