(Sharecast News) - Investment firm The Renewables Infrastructure Group has acquired Grönhult, a 67.2m watt ready-to-build onshore wind farm located in the southwest of Sweden.
Renew Infra said on Friday that Grönhult was expected to represent approximately 3% of its portfolio value on a fully committed basis, with investments in Sweden pegged to account for 10% of the group's overall portfolio.
The FTSE 250-listed firm also noted that the acquisition took its exposure to construction projects to approximately 6% of its portfolio value.
Renew Infra expects Grönhult to benefit from increasing electricity demand through greater electrification of transport and the expansion of other energy-intensive industries - such as data centres in and around Stockholm and Gothenburg.
Construction will be funded through equity investment rather than with project debt.
InfraRed Capital director Richard Crawford said: "We are pleased to expand our presence in Sweden with high-quality partners. The Nordic region represents a key market for the company with a strong pipeline and favourable economics for onshore wind."
As of 0915 GMT, Renew Infra shares were down 0.78% at 127.60p.
Renewables Infrastructure Group (TRIG)21 Jun 2024 15:15