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.