12th February 2021
TRIG has acquired 100% of Grönhult, a 67.2MW ready-to-build onshore wind farm located in the southwest of Sweden. The project will sit alongside Jädraås (pictured) within TRIG’s Nordics portfolio, a 212.9MW onshore wind farm north of Stockholm which has been operational since May 2013 and was acquired by TRIG in 2019.
InfraRed, the Company’s Investment Manager, has sourced the investment opportunity from Vattenfall, the Swedish multinational power company and major developer of renewables. Vattenfall will also be managing the construction process which commences in Q2 2021. The project will consist of 12 Vestas 5.6MW turbines, which is based on their new “EnVentus” onshore wind turbine platform, with rotor diameters of 162m. The project is expected to start operations at the end of 2022. Upon completion, Grönhult is anticipated to represent approximately 3% of TRIG’s portfolio value, and, alongside Jädraås, investments in Sweden will account for 10% of TRIG’s portfolio.
Once operational, the project is expected to benefit from increasing electricity demand through greater electrification of transport and the expansion of other energy intensive industries such as data centres in and around Stockholm and Gothenburg. Construction will be funded through equity investment rather than with project debt.
“We are pleased to expand our presence in Sweden with high quality partners. The Nordic region represents a key market for the Company with a strong pipeline and favourable economics for onshore wind.“
Richard Crawford, Director, Infrastructure at InfraRed Capital Partners