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The German headquartered renewable asset manager CEE Group has closed the acquisition of the Zinkgruvan Wind Farm in Sweden from European Energy A/S end of December 2019. Zinkgruvan Wind Farm has recently entered into a 10-year offtake agreement with a large international utility.
Zinkgruvan Wind Farm is located 70 km north of Linköping near the northern end of the Vättern Lake. The wind farm has a capacity of 53.2 MW and supplies approximately 40,000 Swedish households with fossil-free energy. Zinkgruvan was constructed and connected to the grid in early 2019. The acquisition marks CEE’s first investment in Sweden and the first project based on a long-term power purchase offtake agreement (PPA). Detlef Schreiber, CEO of CEE Group, commented: “The acquisition of Zinkgruvan wind farm is an important step forward in our international growth strategy. CEE acquired five wind farms in 2019, including Zinkgruvan, with a total enterprise value of approximately €200M.” CEE Investment Director Jens Schnoor adds: “We have a long lasting, very cooperative relationship with European Energy. This helped both parties a lot to finalize this investment, which was financed on an all-equity basis.”
Knud Erik Andersen, CEO of European Energy A/S, said: “We are very proud of the wind farm and we are delighted to hand over the keys to the long-term owner CEE. We are delighted that we have managed to successfully sell our
first projects in Sweden and to be able to secure a multi-year agreement with a large offtaker. The Nordic countries are important to us and we hope to expand our pipeline here.”
The wind farm consists of 14 GE Renewables turbines with a capacity of 3.8 MW, a rotor size of 137 meters and a hub height of 110 meters. Zinkgruvan is the second construction project in Sweden for European Energy.