LONDON – London-listed investment company Renewables Infrastructure Group (TRIG) said on Thursday it has agreed to acquire a 50% stake in two Swedish onshore wind farm projects set to begin construction later this year.
TRIG is buying the wind farms from Nordic renewables developer Arise. InfraRed Europea Infrastructure Income Fund 4 will acquire the other 50% stake in the wind farms.
The projects, together called “Twin Peaks”, are in central Sweden and have a combined capacity of 242 megawatts.
In a separate statement, Arise said it will receive a fixed consideration of 8.5 million euros ($10.4 million) on completion of the sale and an additional 11.6 million euros when construction of the projects is completed.
Construction is expected to commence in the third quarter and be completed in the first half of 2024, TRIG said.
The transaction is expected to be completed by July.
($1 = 0.8197 euros)