Red Rock Power makes move into European market with Swedish wind farm acquisition

0
42
Red Rock Power offshore wind farm, Scotland
  • Sustainable energy company acquires 50 per cent share of Överturingen onshore wind farm
  • 240.8 MW, recently completed wind farm in central Sweden is company’s first project outside of UK

RED Rock Power Limited has acquired Green Investment Group’s 50 per cent equity share of Överturingen onshore wind farm located in central Sweden. The deal will see Red Rock Power partner CapMan Infra, a Nordic infrastructure manager, on the Cloud Snurran AB joint venture.

The 56-turbine 240.8 MW wind farm reached commercial operation earlier this month. It is Red Rock Power’s first project outside of the UK and marks a key milestone for the company as it hopes to accelerate expansion into the wider European market.

Guy Madgwick, Red Rock Power Limited CEO, said: “Sweden’s commitment to renewable energy and wealth of natural resources meant it was an obvious key target for us as we set our sights on expansion into other European markets. We are delighted to be partnering with CapMan Infra and bringing the Överturingen wind farm into our growing portfolio. We hope to gain a greater understanding of the local industry as we continue to identify acquisition and development opportunities in the region.

“While our expansion plans are increasing in pace, we very much remain committed to our home market and will continue to grow our Scottish and UK wind portfolio. Our Edinburgh-team has tripled in size over the last four years and we expect this new asset will add valuable experience in operating remote projects in extreme weather conditions which we can apply to our wider operation.”

Överturingen will generate approximately 805.5 GWh per year. Norwegian aluminium company, Norsk Hydro’s 29-year Power Purchase Agreement (PPA) for the majority of the wind farm’s generation is believed to be one of the longest in the industry. NEAS Energy has a 10-year PPA for the remaining generation, powering around 25,000 households.