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Newsec Energy Transition is delighted to have acted as the exclusive financial advisor to Prime Capital AG on the minority stake sale in the Lynx portfolio consisting of three onshore wind farm projects and a grid company to Polhem Infra, the direct investment company of Swedish National Pension Funds AP1, AP3 and AP4.
Following the agreement on the partnership, construction and planning is now under way for the Fjällberg, Vinliden and Hornmyran wind farms. Together, Polhem Infra and Prime Capital will invest ca EUR 420 million, which is expected to bring in total some 1 TWh of new renewable electricity production to Sweden from 2027. This corresponds to the consumption of approx. 100,000 households and will provide renewable power to support the industrial electrification in the north of the country. The portfolio also includes a regulated grid company connecting the wind farms to the regional grid through a new substation and that will manage 70 km of new 50 kV network. Polhem Infra acquires 49% of the portfolio and will invest in it alongside funds managed by Prime Capital.
The wind farms will have state of the art turbines specifically designed for the Nordic climate and thanks to high wind speeds will reach an estimated capacity factor around 40%. The project will now progress and build on the work done so far by Prime Capital with the aim of minimizing the cost of energy through efficient design, construction, operations and outlining routes for revenue management and financing.
Polhem Infra and Prime’s co-investment in this large-scale onshore wind farm portfolio demonstrates that Swedish wind power still has a significant role to play in the future Nordic energy market and as a key enabler for the energy transition towards a net zero greenhouse gas emission future.
Newsec Energy Transition acted as exclusive financial advisor to Prime Capital for the co-investment.
Dr. Mathias Bimberg, Head of Infrastructure at Prime Capital commented:
“We have been one of the largest and most active investors in renewable energy and the energy transition in the Nordics during the past years with an investor base coming primarily from outside the Nordics. We will continue our activities through our second fund with an increased focus on eFuels supporting Nordic economies turning into hydrogen economies. I am proud and very excited about the new partnership with Polhem Infra’s team and the Swedish AP Funds for Lynx and for the continued joint development of this high-quality portfolio. We would like to thank Newsec Energy Transition’s team for the strong support in making this partnership possible.”
Omid Ashrafi, Managing Partner at Newsec Energy Transition commented:
“We are very pleased to once again have received Prime Capital’s vote of confidence to support on the minority sale process. Through our engagement in Sweden’s largest investment in new wind power this year, we are also proud to show that there is still a strong commitment from both domestic and international investors to continue participating in the energy transition and decarbonization of society, despite the challenges the Swedish wind industry is currently facing.”
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