French asset manager Eiffel Investment Group has agreed to invest approximately €30m (£25.7m) into a pipeline of renewable energy projects in Sweden.
The joint venture with Nordics-based renewable energy developer Landinfra Energy will generate up to 1800 MW of energy via new solar power, wind power and energy storage projects.
Eiffel’s investment will be made via its managed investment funds, Eiffel Infrastructure Vertes and Eiffel Transition Infrastructure.
An Eiffel spokesperson confirmed to Alternative Credit Investor that there will be some debt involved within the joint venture.
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As part of the agreement Eiffel will acquire 50 per cent of the portfolio from Landinfra, who will retain the remaining 50 per cent.
The portfolio is divided over 1350 MW solar power projects with co-located energy storage and 300 MW wind power with co-located energy storage, as well as 140 MW stand-alone energy storage projects.
All of the projects are in the development stage and the first could be ready to build in the coming year, pending permits.
Once built out, the portfolio will have an investment volume of more than €1.5bn and will generate around 2 TWh of green energy annually to the Swedish energy system.
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“We are pleased to join forces with Eiffel to jointly develop a large-scale renewable energy portfolio in Sweden,” said chief executive and co-founder of Landinfra Marcus Landelin.
“Eiffel is a leading asset manager in the European market, with strong experience from development partnerships and funding, and jointly we will bring the necessary capabilities and financial strength to add new and much needed sustainable energy production to SE3 and SE4. This partnership is in line with Landinfra’s strategy to enable investors to enter renewable energy projects already at the development stage.”
Eiffel Investment Group head of infrastructure Pierre-Antoine Machelon added: “We are very excited about this new partnership with Landinfra. This new transaction will accelerate the deployment of additional renewable energy capacity in Sweden by bringing much-needed equity in the development phase of the projects and leveraging Landinfra’s strong experience of renewables development.”
Completion of the transaction is subject to the approval of the Swedish Inspectorate of Strategic Products.
Paris-based Eiffel Investment Group has approximately €6bn in assets under management, including stakes in several P2P firms.
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