• 372MW project Björnberget is one of the largest onshore wind parks to be constructed in Europe
• Co-investment with Enlight Renewable Energy; project acquired from global renewable energy company RES will be built with Siemens Gamesa’s latest technology
• Prime Capital’s Infrastructure track record in the Nordics soars above 1 GW; second largest investor in the region
• Project will produce energy for ca. 300,000 European households and help avoid over 600,000 tons of CO2 a year

Prime Capital AG, the independent asset manager and financial services provider managing 17.7bn EUR across multiple funds, has closed its first investment from its newly launched Prime Green Energy Infrastructure Fund (PGEIF). Project Björnberget in central Sweden is one of the largest onshore wind projects to start construction in Europe this year and was developed by RES, the world’s largest independent renewable energy company focused on the development, construction and operation of renewable assets. Prime Capital optimised the project with cutting-edge technology from Siemens Gamesa Renewable Energy (SGRE) and brought in co-investor Enlight Renewable Energy (Enlight), a Tel-Aviv-listed independent power producer, with over 1.4 GW under operation and construction. The project is expected to reach commercial operation at the beginning of 2023 and produce ca. 1.1 TWh of clean electricity annually.

The project is another blue print transaction for Prime Capital’s value-add strategy of securing assets in the early stages and commercialising them to achieve attractive risk-adjusted returns. It will be built with Siemens Gamesa’s latest technology, the SG 5.8-170, operating at 6.2 MW, which – combined with the largest rotor in the onshore segment – maximises production for the site and minimises cost of energy. RES will provide the balance of plant for the project, and the commercial and technical management during the operating phase.

PGEIF focuses on wind-powered energy assets in the Nordic countries, with no reliance on government support and with the lowest levelized cost of electricity in Europe. Prime Capital is in exclusive negotiations with a global technology company to sign a 10-12 year power purchase agreement (PPA), offtaking roughly half of the project’s electricity production.

“With project Björnberget, Prime Capital’s renewable energy portfolio in the Nordics will soar to over 1 GW, making us the second largest investor in the region. We are delighted to bring Enlight on-board, as a very experienced partner, as well as about Enlight’s additional commitment to the Fund: it is a testament to the Fund’s strategy and the attractiveness of the projects we have in the pipeline”, says Dr Mathias Bimberg, Head of Infrastructure at Prime Capital.

Ivor Catto, RES’ Group CEO commented, 
“In harnessing Sweden’s strong wind resource, at 372MW Björnberget is a significant project in the continued decarbonisation of the energy sector and represents our third major wind project in the Nordics this year. It has been great to work collaboratively with both Enlight and Prime Capital to bring this to a point where we can initiate construction.”

Prime Capital are in exclusive negotiations with a global technology company to sign a 10-12 year power purchase agreement (PPA) off-taking roughly half of the project’s electricity production. Including Björnberget, Prime Capital’s renewable energy portfolio in the Nordics soars to over 1GW, making it the second largest investor in the region. “We are very happy to bring Enlight on-board as a very experienced partner, with whom we plan further strategic investments in the Nordics, given our focus on large-scale assets. As testament to the Fund’s strategy and the attractiveness of the projects we pursue, Enlight has also committed additional money to the Fund” said Dr Mathias Bimberg, Head of Infrastructure at Prime Capital.

Siemens Gamesa have been selected to provide the turbines, utilising 60 of its SG 5.8-170 turbines. These will operate at 6.2MW, which combined with the largest rotor in the onshore segment, maximises production for the site and minimises the cost of energy.

Gilad Yavetz, CEO and Co-founder of Enlight said, 
"Especially during these difficult days for the Israeli economy, we are very proud of the completion of a huge deal by Enlight. We would like to thank our partners - Prime Green Energy Fund, RES who developed the project and will perform its construction works, and Siemens Gamesa who will provide state-of-the-art turbines for the project, for showing their utmost commitment and worked with great intensity with us until the transaction was completed. The new project will significantly increase Enlight’s portfolio and its revenues, and its construction will begin immediately. This is Enlight's second large scale project in the Nordic market, the biggest, most developed and liquid energy market in Europe. This transaction is part of the company's expansion strategy in the Nordic market and will increase Enlight’s flexibility and competitive advantages in many aspects".

KeyFacts Energy Industry Directory: Enlight Renewable Energy