Red Rock Power Limited has acquired Green Investment Group’s 50 per cent equity share of Överturingen onshore wind farm located in central Sweden. Red Rock Power will partner with CapMan Infra, a Nordic infrastructure manager for this deal and will form the Cloud Snurran AB joint venture.
The Överturingen onshore wind farm is a 56-turbine with a total capacity of 240.8 MW. It reached commercial operation earlier this month. The wind asset is Red Rock Power’s first project outside of the UK and marks a key milestone for the company as it hopes to accelerate expansion into the wider European market.
Överturingen will generate approximately 805.5 GWh per year. Majority of the wind power will be sold to Norwegian aluminium company, Norsk Hydro under a 29-year power purchase agreement (PPA). This PPA is believed to be one of the longest in the industry. The remaining power will be sold to NEAS Energy under a 10-year PPA for powering around 25,000 households.
Guy Madgwick, Red Rock Power Limited CEO, said: “Sweden’s commitment to renewable energy and wealth of natural resources meant it was an obvious key target for us as we set our sights on expansion into other European markets. We are delighted to be partnering with CapMan Infra and bringing the Överturingen wind farm into our growing portfolio. We hope to gain a greater understanding of the local industry as we continue to identify acquisition and development opportunities in the region.
“While our expansion plans are increasing in pace, we very much remain committed to our home market and will continue to grow our Scottish and UK wind portfolio. Our Edinburgh-team has tripled in size over the last four years and we expect this new asset will add valuable experience in operating remote projects in extreme weather conditions which we can apply to our wider operation.”