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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE HgCapital invests €185m in Swedish wind farm
01/04/2008. Source: AltAssets. 
European private equity firm HgCapital has acquired a 75 per cent stake in the 95.4 megawatts Havsnäs onshore wind farm in Sweden. The transaction represents the largest energy project financing in the Nordic market to date, according to HgCapital. RES Skandinavien, the Swedish subsidiary of UK-based Renewable Energy Systems group will construct the project using 48 Vestas V-90 turbines. The wind farm is expected to enter commercial operation in phases from November 2009 to April 2010.
Havsnäs is a 'merchant' wind farm, which means that it will trade power and green certificates in the NordPool power market at fluctuating prices rather than the guaranteed prices.
Tom Murley, director and head of HgCapital's renewables team, said, 'We were able to evaluate, understand and accept the risks and challenges of a new merchant market and have achieved landmark financing in record time. We now have a substantial position in the best asset in a growing market that offers multiple levers for additional value creation.'
Havsnäs is the ninth investment from HgCapital's €300m Hg Renewable Power Partners fund, which closed in December 2006. Including the Hävsnas project, the firm has interests in ten European wind farms in construction or operation, totalling 220 megawatts, and over 20 wind projects in development, totalling over 400 megawatts.
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