Commerz Real enters Swedish solar market with acquisition of two solar projects from Helios Nordic Energy
The German real assets subsidiary of Commerzbank, Commerz Real, announced it is entering the Swedish photovoltaic market with the purchase of two solar park projects totalling an output of 69 MWp from Helios Nordic Energy for its Institutional Renewable Energies II Fund.
According to statements by the seller, the Swedish project developer Helios Nordic Energy, this is one of the biggest transactions to date on the Swedish solar energy market.
The acquisition comprises the solar PV plants “Kings Roar” with an installed capacity of 21.7 MWp in the municipality of Västerås about 100 kilometres west of Stockholm and “Tierpark” with 47,3 MWp in Tierp about 130 kilometres to the north of the Swedish capital.
In an initial stage, the signing took place for both photovoltaic parks as well as the closing for “Kings Roar”. The closing for “Tierpark” is to take place in the autumn of 2022 once all the closing conditions have been fulfilled.
Following their scheduled completion in 2023 the two parks will lead to the avoidance of approximately 295 tonnes of carbon dioxide emissions every year.
Helios Nordic Energy will deliver project management during construction and technical and commercial management of the parks after commissioning.
The generated electricity is to be marketed on the Scandinavian energy exchange Nord Pool at the respective daily price and according to figures from EUROSTAT, the Statistical Office of the EU will meet the annual electricity requirements of about 8,500 Swedish households.
Commerz Real began investing in solar energy as long ago as 2005 and in wind power plants in 2016. At present, the asset manager for investments in real assets within the Commerzbank Group manages more than 50 solar power plants and more than 30 onshore and offshore wind farms with a total installed capacity of more than 1.4 gigawatts.
Yves-Maurice Radwan, Head of Green Deal Infrastructure at Commerz Real said:
The Swedish market for photovoltaic offers attractive framework conditions in selected regions. As grid parity was achieved some years ago already, we are able to further diversify our portfolio for our institutional investors geographically and in terms of electricity generation types in a growing solar market.
Source: Press release by Commerz Real AG and Helios Nordic Energy AB.
