UK-based renewable energy firm Renewable Energy Systems (RES) has agreed to sell its Lycksele project portfolio in Sweden to German investment firm Prime Capital.

The 290MW portfolio comprises the Fjällberg, Hornmyran and Vinliden wind energy projects.

These projects are expected to come online in 2025 and will be sold for an undisclosed sum.

Prime Capital official Dr Mathias Bimberg said: “Lycksele is already the third joint project with RES and a further acknowledgement of the good and trusted partnership between the parties.

“It’s an important part of our strategy to invest in both, the production of hydrogen/e-methane and the underlying green electricity production capacity, and is needed more than ever to assure sustainable energy security in Sweden and Europe.”

In 2007, RES started developing the Lycksele portfolio in Västerbotten County. It will feature 45 wind turbines across the three projects.

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By GlobalData

The portfolio is expected to supply nearly 1TWh of clean energy a year to both the region and the wider European market.

Through the development services agreement, RES will help Prime Capital make the portfolio ready for construction by next year.

Once operational, RES will also provide asset management services for the portfolio.

RES Nordics CEO Matilda Afzelius said: “We are delighted to partner with Prime Capital again as they expand their investment in the Nordics and look forward to supporting them to bring the Lycksele portfolio online.

“We value working with a partner who shares our vision of the future of the Swedish energy market, and a focus on creating synergies between the renewable energy sector and industry to provide greater value to the economy.”

Earlier this month, RES secured a permit to build its Spennymoor Energy Storage System in County Durham, UK.

The 99.9MW facility will store electricity when generation exceeds demand, as well as release power to the grid network when demand exceeds generation.