Renewable Power Capital (RPC), a UK-based energy investment group, has agreed to acquire four ready-to-build onshore wind projects in Sweden with a total capacity of 528 MW. The $856 million deal includes acquisition costs as well as the funds required to build the projects. The four projects, which are in the municipalities of Kramfors and Sollefte in Sweden, are expected to begin exporting power to the country’s national grid in 2025.
The procurement and construction management of the four onshore wind farms will be managed by RPC. The projects are intended to produce enough clean energy to power 182,000 homes once completed. RPC’s onshore wind portfolio in Sweden and Finland has increased from 317 MW to 845 MW as a result of this purchase, which is the company’s third purchase so far this year. In addition to its onshore wind capacity, the company also has a 4 GW solar photovoltaic (PV) pipeline in Spain.
In March 2022, the Canada Pension Plan Investment Board (CPP Investments) announced that it would invest an additional $288 million in its UK-based RPC platform to support its growth strategy. RPC’s investment strategy, which includes an initial investment in an onshore wind farm in Sweden and multiple solar projects in Spain, will be supported by CPP Investments’ further capital infusion.
REGlobal’s Views: RPC’s first investment in Swedish wind power space was in February 2022, when it acquired OX2’s 146 MW Klevberget onshore wind farm. This 528 MW deal is the largest for the company so far and indicates RPC’s intention for expanding its portfolio in the Nordics, supported by strong backing from CPP.
