Newsec advises on 47 MW operating wind portfolio in Sweden

Newsec acted as exclusive financial adviser to Mirova, an affiliate of Natixis Investment Management dedicated to sustainable investment via its funds Mirova Eurofideme 3 and Mirova Renewable Co-Investment 1, and to Eolus Wind (jointly the “Sellers”) on the sale of an operating wind farm portfolio in Sweden. The portfolio includes the 19.8 MW Långmarken wind farm in Kristinehamn, Southern Sweden (SE3) and the 27.6 MW Våsberget wind farm in Ljusdal, Northern Sweden (SE2).

The sale marks the Sellers’ exit from the portfolio following the pre-construction investment decision in 2015 and the first five years of operations. Both wind farms have been operational since 2017 and offer a versatile multi-option PPA offtake framework with Statkraft until 2032, allowing for short and medium-term strategic adaptability.

The portfolio is acquired by Glennmont Partners (“Glennmont”), Nuveen Infrastructure’s clean energy specialist and one of the world’s largest fund managers investing in clean energy. The investment is Glennmont’s first from their open-ended €700m brownfield European renewable infrastructure fund, which Glennmont launched with Dutch investor MN last year.

Commenting on the investment, Raphaël Lance, Head of Energy Transition Funds at Mirova said:

“We are proud to have brought in operation this Swedish portfolio with the help of initial developers and construction companies Eolus and RES Renewables Norden and with the support of our co-investor EIB. After almost six years of operations, in line with our third fund mandate, we are delighted to hand it over to the experienced teams at Nuveen.”

Commenting on the cooperation with Newsec Infra, Raphaël Lance continued:

“As in 2015, we are very satisfied by Newsec Infra’s support on this transaction. Through its deep knowledge of the Nordics environment and its considerable experience, Newsec Infra ensured a smooth and reliable sale process, which brought significant value for both the seller and the buyer.”

Omid Ashrafi, Managing Partner at Newsec commented:

“We are very thankful for the vote of confidence, being able to support this transaction. We worked with Mirova at the time of their investment decision in Våsberget in 2015 and now have the pleasure of also following this project, as part of the portfolio, all the way to exit in operating phase. Due to the rapid build-out of onshore wind in Sweden, we now have a considerable asset base forming an increasingly active secondary market. “Project Blizzard” is our third Nordic operating wind farm transaction signed in 2022. I believe that we will continue to see new inflow of capital for construction of renewable energy assets as well as into transactions with operating assets”.