Large-scale onshore wind power project in Sweden starts operations
April 15, 2020
APG, Asper Investment Management and Vasa Vind announce the start of operations of the 288MW, €300 million Åskälen project in Jamtland, Sweden. It is one of the largest onshore wind power projects in Europe and provides 1TWh of renewable energy per year, enough for over 175,000 Swedish homes.
This wind farm, which was announced in 2017, comprises of 80 Vestas V136 3.6MW turbines, with estimated carbon savings of 250,000 tonnes per annum. The project benefits from exceptionally strong local support, thanks to very active engagement by Vasa Vind, both at the municipality and county levels.
Vasa Vind, a portfolio company of funds managed by Asper, developed the project, managed its construction and will be in charge of its ongoing operational management. Asper, a London-based infrastructure manager focused on greenfield sustainable infrastructure platforms, also provides strategic asset management support to APG. Dutch pension funds ABP and PPF APG, whose assets are managed by APG, own 100% of the project and provided financing of c.€300 million for its construction.
“Asper’s mission is to support entrepreneurial companies and investors at the forefront of the energy transition: we are delighted to have supported APG in boosting their renewable energy asset portfolio with this outstanding project. We are also proud of having helped Vasa Vind grow into a full-fledged player in the Swedish market, spanning across development, construction and operations management” said Allister Sykes, Director, Asper Investment Management.
Dirk Hovers, Senior Portfolio Manager Infrastructure at APG said: “As a long term responsible investor, we are always looking for investments that help to realize stable and sustainable returns for ABP and other pension fund clients we work for. We are very happy with the start of operations of this project and our partnership with Vasa Vind and Asper. Scandinavian power is a strategic area for our infrastructure investments in renewable energy and we are looking forward to work on this and other successful projects with these partners.”