SWEDEN - HgCapital acquires Swedish wind farm for EUR 185m.
HgCapital has acquired a 75% stake in 95.4MW Havsnäs windfarm for EUR 185m. Havnäs is developed by RES Skandinavien AB, a subsidiary of Renewable Energy Systems Ltd (RES), a UK-based wind farmer developer.
RES will construct the project using 48 vetas V-90 turbines and will also provide operational management. The wind farm will enter commercial operation in phases from November 2009 to April 2010.
HgCapital and RES have formed a partnership to provide the equity finance. CommerzBank, ING Bank and NordLB have provided a 17-year EUR 127m construction and term project finance loan facility.
The investment is the 9th from the HgCapital's EUR 300m Renewable Power Partners Fund.
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