Keppel Corporation and Keppel Infrastructure Trust to jointly acquire wind farm in Sweden

This acquisition follows the joint announcement made in July 2022, when Keppel and KIT jointly invested alongside KLP and MEAG, each for an approximate 33.33% stake in a joint investment vehicle, for a 49% share of an initial portfolio of onshore wind energy assets across Norway and Sweden sponsored by FORAS, which was completed on 8 September 2022. As part of that deal, Keppel, KIT, KLP and MEAG also have the exclusive right and obligation to co-invest in 49% of all of FORAS’ eligible pipeline of onshore wind energy assets (1.2GW as at 31 December 2022) in Sweden and the UK when the assets achieve final investment decision. Fäbodliden II, which is located approximately 20 km northeast of Vindeln Municipality in Sweden, is part of this eligible pipeline of assets. Fäbodliden II is currently at an advanced stage of development and is expected to be completed in 2H23.

Loh Chin Hua, CEO of Keppel Corporation, said: “Amidst global efforts to decarbonise and the increasing demand for renewable energy, Keppel is expanding our involvement in the renewable energy space, in line with Keppel’s Vision 2030 goal to grow the group’s portfolio of renewable assets. This investment, made alongside KIT, reflects our asset-light strategy and will contribute to the group’s recurring income when the wind farm is completed.”

Jopy Chiang, CEO of KIFM, added: “We are very happy to make progress in growing our renewable energy portfolio through this partnership with Keppel, as well as KLP and MEAG. Fäbodliden II is the first of the eligible wind assets from FORAS that KIT will be acquiring as part of this partnership. When completed, this asset will increase KIT’s exposure to the green infrastructure segment and increase our exposure in the renewable energy sector to 740 MW in operating capacity, contributing to KIT’s 25% renewables target by 2030 based on its equity-adjusted AUM.”

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2023 issue

The Spring 2023 issue of Energy Global hosts an array of technical articles focusing on offshore wind, solar technology, energy storage, green hydrogen, waste-to-energy, and more. This issue also features a regional report on commodity challenges facing Asia’s energy transition.

Read the article online at: https://www.energyglobal.com/wind/12052023/keppel-corporation-and-keppel-infrastructure-trust-to-jointly-acquire-wind-farm-in-sweden/