Prime Capital closes second large-scale onshore wind transaction in the Nordics for a consortium of national and international investors

November 06, 2019

Frankfurt, 7th November 2019

• Prime Capital structured and commercialized 254 MW onshore wind project in Sweden
• Wind energy project acquired by consortium of Korean institutional investors, Siemens Financial Services and Nordrheinische Ärzteversorgung, from Holmen AB
• Prime Capital’s Green Energy Investments add up to a total of approx. 849 MW / EUR 1.1 bn

Today Prime Capital AG, the independent asset management firm and financial services provider, has announced the closing of a 254 MW onshore wind project in Sweden. The project, realized in close collaboration with Siemens Gamesa Renewable Energy (SGRE), was acquired by a consortium of Korean institutional investors, Siemens Financial Services and German Pension Fund Nordrheinische Ärzteversorgung, from Holmen AB, one of Sweden’s largest forest owners. Prime Capital structured and commercialized the project and will build and manage it on behalf of the consortium.

The wind energy project called “Stavro” is located in the northern part of Sweden, northwest of Umeå, and divided into two sub-sites: Blodrotberget with 40 turbines and Blackfjället with 22 turbines. The balance of plant construction is led by YIT, Finland’s largest construction company with significant activities in wind, and was kicked off in March of this year. Project Stavro is expected to be operational by the fourth quarter of 2021 and will be covered by a 30-year service agreement with SGRE.

Prime Capital’s experienced renewable energy team has already invested in wind, solar PV and hydro assets across 7 European countries with a combined capacity of approx. 849 MW, of which over 80% in greenfield projects, and an enterprise value of approx. EUR 1.1bn. Stavro is the second large scale (over 250MW) transaction of this kind that Prime Capital commercializes and builds in the last two years, and is representative of a strategy it will launch in a fund format in the first half of next year.

Prime Capital CEO Andreas Kalusche says: “Renewable energies have become a mature segment of the infrastructure sector with a proven track-record and we see more and more investors increasing their allocations. It is our declared goal to act as a gateway for German and international investors in achieving above market returns in this sector, while at the same time increasing their allocation to impact investments.” Dr. Mathias Bimberg, Head of Infrastructure added: “Scandinavian wind is at the core of our current renewable energy strategy, as we can leverage on both a unique competitive advantage in realising projects and very favourable market conditions for investing. Our close collaboration with SGRE, has enabled us to source the project early and to add value through a full-scope commercialization process. This strategy, in a market benefitting from one of the world’s best wind resources and the ability to realize large-scale projects, increases overall profitability and risk-adjusted returns for our investors.”

Stavro will sell its production through two complementary corporate PPAs. One with Google, is part of a larger package signed by Google in Sweden and Finland earlier this year, which will ensure that almost all energy consumption to the Google Data Center in Hamina is from renewable energy sources. The other, signed with Holmen AB, will supply Holmen’s paper and board business with clean energy. The project will be financed by German DekaBank.

About Prime Capital:
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Prime Capital AG is an independent asset management firm and financial services provider, focusing on institutional clients. The company specializes in Alternative Investments, in particular in Absolute Return, Infrastructure Investments and Private Debt. Furthermore, the company offers Asset Management Outsourcing and Access Solutions. Prime Capital was founded in 2006, currently employs more than 80 people in Frankfurt, Luxembourg and London and is regulated by BaFin and CSSF. As of June 2019, Prime Capital has approximately EUR 15.1 bn Assets under Management, managed and administered.

For additional information, quotes or requests please contact:

Prime Capital AG
Werner Humpert
Tel: 0049 69 9686 984 35
werner.humpert@primecapital-ag.com
www.primecapital-ag.com

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