Stockholm, 4 April 2024
Vasa Vind and APG have achieved financial close on the latest project to come through their greenfield development pipeline. The 36MW Fröskog project in Åmål municipality, Sweden, is the latest addition to Vasa Vind’s growing portfolio that now stands at 530MW of onshore wind, a 20MW BESS and a development pipeline of over 1.5GW of onshore wind, solar and BESS.
Vasa Vind was established in 2013 by Asper Investment Management and was acquired by funds managed by APG in 2021. Vasa Vind is one of the largest independent power producers in Sweden with a diversified greenfield development pipeline across the region.
In parallel with financial close of Fröskog, Vasa Vind also secured a €109m portfolio refinancing with Rabobank who is aligned with Vasa Vind’s ambition to continue developing and building a large-scale portfolio of sustainable power generation and flexibility assets across the Nordic region.
“Vasa Vind is committed to contribute to society by delivering substantial volumes of renewable energy and supporting the green industrial transformation. Partnering with institutional investors APG, Asper and now Rabobank is key to delivering on this ambition and we’re proud to have delivered another new project to financial close with their support.”
Mattias Sjöberg, CEO of Vasa Vind
“On behalf of our pension fund clients, we are delighted to expand our portfolio of sustainable power generation assets with this high-quality project that was entirely developed by Vasa Vind. We are also delighted to have a found a partner in Rabobank who is aligned with our ambition to grow the platform.”
Robert Szatkowski, Senior Portfolio Manager of APG
“Asper is privileged to have been working with Vasa Vind and APG for many years to build this fantastic platform of sustainable energy assets and the highly professional Vasa Vind team that has made it possible. We’re extremely happy to see another greenfield project successfully reach financial close after several years supporting its careful development work and investment.”
Allister Sykes, Director of Asper
About Vasa Vind
Vasa Vind develops, constructs, and operates sustainable power generation and flexibility assets across the Nordic region. Visit our website: www.vasavind.se
About APG
APG Group is the world’s largest independent pension fund manager with pension assets of c.€569bn (as of December 2023) representing 4.6m participants in the Netherlands, with main offices in Amsterdam, New York and Hong Kong.
On behalf of its clients (all of which are pension funds), APG has been an active infrastructure investor since 2004, investing c.€27bn to date. APG’s investments include assets within energy, utilities, telecommunications and transport infrastructure. APG has a strong focus on investing in companies that contribute to the development of critical nationwide infrastructures.
APG has earmarked “energy” as one of their key investment sectors. Currently, it has invested c.€10bn of its total infrastructure funds under management in energy assets including several assets in the Nordic region; and has strong ambitions to grow this going forward.
About Asper
Asper Investment Management is an independent investment management firm specialised in sustainable real assets. Its investments and commitments managed by Asper total in excess of €1.9 billion and since 2019 it has raised four new co-investment partnerships dedicated to energy transition investments in Ireland, the Netherlands and the UK. Visit our website: www.asper-im.com
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Allister Sykes
DirectorAllister has been working in the energy sector since 2010 and started working with the Asper team since he joined Hg in 2012.
Allister is responsible for the delivery of platform business plans across the portfolio and chairs the Asper Platform Management Committee. He is also a member of the Sustainability Committee and leads our investments in our Nordic Power platform Vasa Vind.
Allister led a number of transactions in the Swedish market and has also supported the team on UK and Irish transactions.
He joined the team from PwC’s Energy & Infrastructure deals team where he worked for 5 years.
Allister is a Chartered Accountant and has a first class honours degree in Theoretical Physics from Durham University.