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CEE Group acquires 53 MW Zinkgruvan Wind Farm in Sweden from European Energy

Ham­burg, 30. Jan­u­ary 2020 — The Ger­man head­quar­tered renew­able asset man­ag­er CEE Group has closed the acqui­si­tion of the Zinkgru­van Wind Farm in Swe­den from Euro­pean Ener­gy A/S end of Decem­ber 2019. Zinkgru­van Wind Farm has recent­ly entered into a 10-year off­take agree­ment with a large inter­na­tion­al util­i­ty.

Zinkgru­van Wind Farm is locat­ed 70 km north of Linköping near the north­ern end of the Vät­tern Lake. The wind farm has a capac­i­ty of 53.2 MW and sup­plies approx­i­mate­ly 40,000 Swedish house­holds with fos­sil-free ener­gy. Zinkgru­van was con­struct­ed and con­nect­ed to the grid in ear­ly 2019. The acqui­si­tion marks CEE’s first invest­ment in Swe­den and the first project based on a long-term pow­er pur­chase off­take agree­ment (PPA). Detlef Schreiber, CEO of CEE Group, com­ment­ed: “The acqui­si­tion of Zinkgru­van wind farm is an impor­tant step for­ward in our inter­na­tion­al growth strat­e­gy. CEE acquired five wind farms in 2019, includ­ing Zinkgru­van, with a total enter­prise val­ue of approx­i­mate­ly €200M.” CEE Invest­ment Direc­tor Jens Schnoor adds: “We have a long last­ing, very coop­er­a­tive rela­tion­ship with Euro­pean Ener­gy. This helped both par­ties a lot to final­ize this invest­ment, which was financed on an all-equi­ty basis.”

Knud Erik Ander­sen, CEO of Euro­pean Ener­gy A/S, said: “We are very proud of the wind farm and we are delight­ed to hand over the keys to the long-term own­er CEE. We are delight­ed that we have man­aged to suc­cess­ful­ly sell our first projects in Swe­den and to be able to secure a mul­ti-year agree­ment with a large off­tak­er. The Nordic coun­tries are impor­tant to us and we hope to expand our pipeline here.”

The wind farm con­sists of 14 GE Renew­ables tur­bines with a capac­i­ty of 3.8 MW, a rotor size of 137 meters and a hub height of 110 meters. Zinkgru­van is the sec­ond con­struc­tion project in Swe­den for Euro­pean Ener­gy.

About CEE Group:

The asset man­ag­er CEE Group, which spe­cialis­es in invest­ments in renew­able ener­gies, is expand­ing its onshore wind ener­gy port­fo­lio with the acqui­si­tion of the wind farm Zinkgru­van in Swe­den. The Ham­burg-based CEE Group now has onshore wind tur­bines with a total installed capac­i­ty of around 490 MW and pho­to­volta­ic plants with a capac­i­ty of around 315 MWp; total elec­tric­i­ty pro­duc­tion in 2019 was around 1.2B kilo­watt hours.

With assets under man­age­ment of around €1.5B, the CEE Group invests in ener­gy gen­er­a­tion projects in the wind and solar sec­tors. The investors of the CEE Group are insti­tu­tion­al investors with a long-term inter­est in invest­ments in renew­able ener­gies. The CEE Group was acquired by Brook­field Asset Man­age­ment in 2017.

About Euro­pean Ener­gy:

Copen­hagen-based Euro­pean Ener­gy con­structs wind and solar farms as well as large scale green ener­gy stor­age to build solu­tions to cli­mate change. Euro­pean Ener­gy has con­struct­ed more than 1.2 GW of renew­able ener­gy capac­i­ty since it was found­ed in 2004. Euro­pean Ener­gy is cur­rent­ly devel­op­ing and con­struct­ing parks in Europe, Aus­tralia and Amer­i­ca.

Con­tact CEE Group:
Jens Schnoor
Invest­ment Direc­tor
Phone: +49 (0)40 688 788–0
e‑mail: schnoor@cee-group.de
www.cee-group.de

Con­tact Euro­pean Ener­gy A/S:
Joachim Steen­strup
Phone: +45 516 248 15
e‑mail: JST@EuropeanEnergy.DK
www.europeanenergy.dk

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