Nuveen Infrastructure has taken steps to strengthen its position in the renewable energy sector by extending its existing Power Purchase Agreement (PPA) with Statkraft, a prominent player in the energy market. This agreement covers the Vasberget and Langmarken onshore wind farms located in Sweden, marking a significant development in Nuveen's growing portfolio of sustainable investments.
Nuveen's acquisition of the 47-megawatt (MW) portfolio in January 2023 marked a milestone as it represented the first investment from its €700 million brownfield European core renewable infrastructure strategy, in collaboration with Dutch investor MN.
The newly extended agreement with Statkraft not only reaffirms their commitment to renewable energy but also demonstrates a forward-thinking approach. Nuveen has chosen to utilize the multi-option PPA offtake framework, expanding its agreements to include the Portfolio Management of the Guarantee of Origin certificates (GOs).
The GOs expansion encompasses the Langmarken wind farm, situated in Kristinehamn, Southern Sweden, boasting a total capacity of 19.8 MW, as well as the 27.6 MW Vasberget wind farm located in Ljusdal, Northern Sweden.
Nuveen's strategic move further solidifies its presence in the Nordic energy market, which now includes not only the Vasberget and Langmarken wind farms but also the Piiparinmaki wind farm and a neighboring battery storage project in Finland.
Joost Bergsma, Chief Executive at Glennmont Partners from Nuveen, expressed satisfaction with the agreement, stating, “The acquisition of the Vasberget and Langmarken onshore wind farms was significant as the first investment of our European core renewables infrastructure strategy, and we are delighted to have finalized this agreement to ensure its continued success. Our original multi-option PPA with Statkraft was agreed with strategic adaptability in mind, and we are pleased to see this evidenced through the signing of an extended PPA. We continue to utilize our varied expertise to secure the most attractive investment opportunities globally while exploring innovative routes to market, which guarantee returns.”
