22/11/2019 – News / Energy / Renewables / Wind Farm / Fu-Gen AG / Abraxas Capital Management / Vestas
New €56m wind farm in Northern Sweden gets the green light
Swiss energy company Fu-Gen AG has partnered with British asset manager Abraxas Capital Management to construct a wind farm outside Skellefteå for a total investment of €56 million.
The co-operation between the parties was sealed in July 2019 through the acquisition of the project rights for Fjällboheden Vind AB from French utilities giant Engie. An agreement has been signed with Vestas – the leading supplier of wind turbines in Sweden – for delivery of 10 wind turbines in 2021.
“This project is in line with the company’s vision and strategy,” advised Yaron Feingers, CEO of Fu-Gen AG. “Our local team is well established in the region and we are excited to expand our portfolio in Northern Sweden with Fjällboheden and other projects in the future.”
The wind farm is located northwest of Skellefteå on privately owned, leased land. The project is expected to have a capacity of 42MW with an estimated production of more than 160GWh of renewable electricity annually – roughly corresponding to the electricity requirements of 6,5000 electrically heated homes.
"We have identified Sweden as an optimal core market for our Sustainable Investment Fund’s growth and diversification strategy. We are excited about the co-operation with Fu-Gen and the construction of Fjällboheden,” said Balthazar Cazac of Abraxas. "We look forward to opportunities for investments in more wind power projects, together with Fu-Gen in Sweden."
The windfarm will be built under the direction of Cameus AB and Topwind Consultancy BV and will start producing green energy in the summer of 2021. Installation of the grid connection lines will be initiated in November 2019, while roads and foundations will be built during the summer of 2020.