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 EUR 56 million.
The cooperation between the parties was sealed in July 2019 through the acquisition of the project rights for Fjällboheden Vind AB from the French company 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. 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.” says Yaron Feingers, CEO of Fu-Gen AG, in a commentary.
The wind farm is located northwest of Skellefteå on privately owned, leased land. The project capacity shall be 42 MW with an estimated production of more than 160 GWh of renewable electricity per year, corresponding to the electricity requirements of 6.500 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 cooperation with Fu-Gen and the construction of Fjällboheden”, says 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. Roads and foundations will be built during the summer of 2020.
About Fu-Gen AG
Fu-Gen was founded on the initiative of a group of renewable energy experts who bring together experience in the development and construction of new projects, as well as the operation and acquisition of existing ones. The development strategy aims at the creation of an extensive grid-parity portfolio made of solar, wind, and storage- based projects. Fu-Gen currently operates in Sweden and Italy with locally established teams in both countries.
About Abraxas Capital Management
Abraxas Capital Management Ltd. (“Abraxas”) is a UK based full scope Alternative Investment Fund Manager (AIFM), authorized and regulated by the UK Financial Conduct Authority (FCA). Abraxas currently manages the Eos Sicav Plc Umbrella Fund, an open-ended collective investment scheme established as a multi-fund limited liability company with variable share capital (SICAV), with a special focus on green infrastructure investments.