The Finnish project “Sandbacka” is sold to an international infrastructure fund
The first week of October 2022 marked an important milestone in the history of Svevind’s “Project Sandbacka”. The 90+ megawatt (MW) ready-to-build wind farm has been sold to Prime Green Energy Infrastructure Fund (“PGEIF”), which is managed by German fund manager Prime Capital AG. Construction work is expected to start in 2023 with completion of the wind farm planned for 2024.
Project Sandbacka is located in two municipalities 50 miles northeast of the Finnish capital Vaasa and will produce over 250 GWh annually. 14 wind turbines with a tip height of 200 meters will provide a capacity of up to 6.6 MW per unit. Long-term studies monitored by Deutsche WindGuard confirmed that the site and wind conditions are highly suitable for renewable energy production. Project Sandbacka, originally initiated by landowners, will have a sustainable and lasting effect on the regional energy market in the Ostrobothnian region and neighboring administrative regions. With the support of society, government and administration, green energy projects like Project Sandbacka will increase Finland’s energy independence. With its ready-to-build status, the wind farm will be part of the short-term solution to the current energy supply challenges affecting Finland and Europe.
“We invested a lot in the project development and are very happy that it will now come to fruition,” said CEO Fredrik Bäcklund. “It has been a pleasure working with Prime Capital”. Consultant & partner Christer Nilsson (CEO Vindkraft i Skog AB) added: “We feel confident that we have chosen the right company to realize Project Sandbacka together with the landowners and with full respect for the local benefits that a wind farm can offer both for entrepreneurs and for the green electricity supply in the area.”
“We are pleased to announce that with this transaction we have realized our 10th and final PGEIF investment and have now fully utilized the fund capital. Project Sandbacka fits perfectly into the fund’s strategy in terms of size, technology and geography. In addition, Sandbacka offers the opportunity to integrate it into our recently announced Kristinestad Energy Cluster as a source of green energy. Working with a very professional developer like Svevind has been a great experience,” says Dr. Mathias Bimberg, Head of Infrastructure at Prime Capital AG.