E.ON will build a 475-megawatt (MW) wind farm in Sweden, which will be one of the largest onshore wind farms in Europe, the German company announced Friday.
The Nysater project is located in the wooded and hilly Vasternorrland district of central Sweden, according to a statement from the company. "The total investment amounts to around €500 million. Construction of Nysater is scheduled to start in 2018 and is expected to be completed by end of 2021," E.ON said.
The wind farm will be built jointly with Swiss investment manager Credit Suisse Energy Infrastructure Partners (CSEIP). A fund advised by CSEIP will hold 80 percent of the joint venture, while E.ON will build and operate the wind farm under a long-term operation and maintenance agreement and retain a 20 percent equity stake in the project.
In addition, the project is supported by a power purchase agreement (PPA) signed with an unnamed global energy major providing a comprehensive set of risk management and other services, highlighting the increasing trend toward renewable energy PPAs in Europe. The wind farm will be equipped with 114 turbines from the German manufacturer, Nordex.
