Aquila Capital acquires wind farm in Scandinavia

17 October 2016 (Last Updated October 17th, 2016 18:30)

Aquila Capital, a global investment company, has bolstered its presence in the renewable energy sector with the acquisition of a 148MW Lehtirova wind farm in Scandinavia.

Aquila Capital, a global investment company, has bolstered its presence in the renewable energy sector with the acquisition of a 148MW Lehtirova wind farm in Scandinavia.

The wind park is located in the north of Sweden and features 41 Vestas V 126 3.6 MW turbines and will have an annual production capacity of approximately 490GWh once it is connected to the grid in 2018.

Financial details of the deal have not been divulged by both the companies.

"This wind project is an ideal addition to our existing renewable energy portfolio in Scandinavia."

Aquila Capital CEO and co-founder Roman Rosslenbroich said: “This wind project is an ideal addition to our existing renewable energy portfolio in Scandinavia.

“Over the past few years we have established a broad network of local partners and we have comprehensive experience in identifying attractive investment opportunities, executing transactions and providing asset management for large-scale renewable energy projects.

“The cooperation with our project partners in this transaction has always been constructive throughout the entire transaction phase and we are looking forward to the long-term cooperation with Google and OX2.”

This is the second major investment by Aquila Capital in the Scandinavian wind power market within less than a year, after it first invested in Norway’s largest operational wind park, Midtfjellet Vindkraft.

Under a long-term power purchase agreement (PPA), a majority of the energy produced from Lehtirova will be sold at a fixed price to a subsidiary of Google.

Google Global Infrastructure director Francois Sterin said: “Google has been carbon-neutral since 2007 and we are committed to powering 100% of our operations with renewable energy sources.

“The announcement is Google’s seventh European wind power deal to date and reinforces our position as the world’s largest corporate renewable buyer.” 

The acquisition will take Aquila Capital’s track record in the wind sector to 900MW.