• construction starts on Swedish greenfield wind project targeting full operation from 2021
• the first commercial-scale project to use the Siemens Gamesa 5x platform
• specialist renewables infrastructure investment manager acquires project from Arise AB
• acquisition to increase Foresight’s wind portfolio to 600MW

Foresight Group (“Foresight”) is pleased to announce it has reached financial close to acquire the greenfield 231MW Skaftåsen onshore wind project in Sweden from Arise AB (“Arise”).  The project is set to be the specialist renewable energy manager’s first acquisition in the Nordic region, and the largest wind farm in its portfolio.

Located in Harjedalen municipality of Central Sweden, the Skaftåsen wind farm will be the first in the world to feature the most powerful onshore wind turbines developed to date - the Siemens Gamesa 5x platform utilising 35 x SG 5.8-155 turbines with flexible power rating and operating at 6.6MW.

The project has been acquired by funds managed by Foresight for an undisclosed amount.

This acquisition, which represents Foresight’s first greenfield wind project in Sweden, will grow Foresight’s total wind assets under management when operational to 603.5MW and is further evidence of Foresight’s growing diversification across different and complementary renewables sectors.

As a leading sustainability led investment manager the 231MW project has been assessed favourably against Foresight’s ESG requirements and it is estimated that the project will generate power equivalent to saving 425,000 tonnes of CO₂ emissions per annum when compared to coal-powered electricity generation.  The project will also contribute 1% of revenues to the local community during operations.

Daniel Cambridge, Senior Investment Manager, Foresight Group said: “We are very pleased to announce our first greenfield onshore wind investment in Sweden.  As a leading international infrastructure investor, Foresight is delighted to be partnering with an experienced developer in Arise and also to be deploying the latest innovations in onshore wind technology with Siemens Gamesa.  The Skaftåsen project will make a valuable contribution to renewable energy production and carbon reduction targets in Sweden, and also make a material contribution to the local community via the annual community contribution payment which is aligned to our Environmental, Social and Governance (”ESG”) focused investment criteria”.

Daniel Johansson, CEO of Arise added: “We are very happy to introduce a significant new investor in the shape of leading independent infrastructure investment manager Foresight to the Swedish wind market, but also cutting-edge new technology provided by Siemens Gamesa. We look forward to realising this exciting project in collaboration with these renowned partners.”

Alfonso Faubel, CEO of Siemens Gamesa Onshore Business Unit said: “We are pushing the boundaries of onshore wind power with the Siemens Gamesa 5.X platform, the most powerful ever installed in a commercial scale project. And we are very pleased to partner with pioneering companies such as Arise and Foresight which, like Siemens Gamesa, are willing to take wind power to the next level.”

Foresight is monitoring a large pipeline of both domestic and international wind opportunities for future deployment over the next 6 – 12 months.

Advisers:

Foresight was advised by Ashurst (Legal adviser) and Vinge (local legal counsel), DNV GL (technical adviser), EY (tax and financial adviser), BDO (model audit) and Willis Towers Watson (Insurance).