Prime Capital’s Renewables Fund makes large investment in Sweden

October 13, 2020

Frankfurt, 12^th October 2020

372MW project Björnberget is one of the largest onshore wind parks to be constructed in Europe
Co-investment with Enlight Renewable Energy; project acquired from global renewable energy company RES will be built with Siemens Gamesa’s latest technology
Prime Capital’s Infrastructure track record in the Nordics soars above 1 GW; second largest investor in the region
Project will produce energy for ca. 300,000 European households and help avoid over 600,000 tons of CO₂ a year

Prime Capital AG, the independent asset manager and financial services provider managing 17.7bn EUR across multiple funds, announced today that it has closed its first investment from its newly launched Prime Green Energy Infrastructure Fund (PGEIF). Project Björnberget in central Sweden is one of the largest onshore wind projects to start construction in Europe this year and was developed by RES, the world’s largest independent renewable energy company focused on the development, construction and operation of renewable assets. Prime Capital optimised the project with cutting-edge technology from Siemens Gamesa Renewable Energy (SGRE) and brought in co-investor Enlight Renewable Energy (Enlight), a Tel-Aviv-listed independent power producer, with over 1.4 GW under operation and construction. The project is expected to reach commercial operation at the beginning of 2023 and produce ca. 1.1 TWh of clean electricity annually.

The project is another blue print transaction for Prime Capital’s value-add strategy of securing assets in the early stages and commercialising them to achieve attractive risk-adjusted returns. It will be built with Siemens Gamesa’s latest technology, the SG 5.8-170, operating at 6.2 MW, which – combined with the largest rotor in the onshore segment – maximises production for the site and minimises cost of energy. RES will provide the balance of plant for the project, and the commercial and technical management during the operating phase.

PGEIF focuses on wind-powered energy assets in the Nordic countries, with no reliance on government support and with the lowest levelized cost of electricity in Europe. Prime Capital is in exclusive negotiations with a global technology company to sign a 10-12 year power purchase agreement (PPA), offtaking roughly half of the project’s electricity production.

“With project Björnberget, Prime Capital’s renewable energy portfolio in the Nordics will soar to over 1 GW, making us the second largest investor in the region. We are delighted to bring Enlight on-board, as a very experienced partner, as well as about Enlight’s additional commitment to the Fund: it is a testament to the Fund’s strategy and the attractiveness of the projects we have in the pipeline”, says Dr Mathias Bimberg, Head of Infrastructure at Prime Capital.

Advising Prime Capital on the deal were DLA Piper on the legal side, TÜV SÜD on the technical side and PWC on tax and structuring.

About Prime Capital:
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Prime Capital AG is an independent asset management firm and financial services provider. The company specializes in Alternative Investments, in particular in Absolute Return, Infrastructure, including Renewable Energies and Private Debt. Furthermore, the company offers Asset Management Outsourcing and Access Solutions. Prime Capital was founded in 2006, currently employs around 100 people in Frankfurt and Luxembourg and is regulated by BaFin and CSSF.

As of June 2020, Prime Capital has approximately EUR 17.7 bn Assets under Management, managed and administered.

For additional information, quotes or requests please contact:

Prime Capital AG
Andreas Kalusche, CEO
Questions regarding the content please contact Dr. Mathias Bimberg
Tel: 0049 69 9686 984 308
mathias.bimberg@primecapital-ag.com
www.primecapital-ag.com

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