Nuveen has extended its Power Purchase Agreement (PPA) structure with Statkraft for onshore wind farms – EQ
In Short : Nuveen, a global investment manager, has extended its Power Purchase Agreement (PPA) structure with Statkraft, a renewable energy company, for onshore wind farms. This agreement reflects Nuveen’s commitment to supporting renewable energy projects and furthering sustainable practices. By extending the PPA, Nuveen is contributing to the growth of clean energy initiatives and promoting the adoption of wind power as a reliable and environmentally friendly energy source.
In Detail : Nuveen Infrastructure, a global fund manager investing in clean energy, has announced an extension of the existing Power Purchase Agreement (PPA) structure with Statkraft for the Vasberget and Langmarken onshore wind farms. Statkraft is a prominent player in the international hydropower industry and Europe’s largest generator of renewable energy, operating in various renewable energy sectors.
Nuveen had acquired the 47MW portfolio in January 2023, marking a significant milestone as their initial investment under a landmark €700 million brownfield European core renewable infrastructure strategy, in collaboration with Dutch investor MN. The extended agreement with Statkraft allows Nuveen to utilize the multi-option PPA offtake framework and expands to include Portfolio Management of the Guarantee of Origin certificates (GOs).
The GO portfolio management service will initially cover the Langmarken wind farm in Kristinehamn, Southern Sweden, with a total capacity of 19.8MW, and the Vasberget wind farm in Ljusdal, Northern Sweden, with a 27.6MW capacity.
This move further solidifies Nuveen’s growing presence in the Nordic market, which encompasses the Piiparinmäki wind farm and neighboring battery storage project in Finland. It aligns with their brownfield strategy, exemplified by recent investments in a 27MW onshore wind farm in the Apulia region of Southern Italy in 2023. Additionally, Nuveen has made significant strides by entering the US and South Korean markets.
For Statkraft, the GO portfolio management service aligns with their goal to provide a route to market for existing and new-build renewables, facilitating access to Corporate PPAs and Downstream Customers across the Nordics and Continental Europe.
Joost Bergsma, CEO at Glennmont Partners from Nuveen, expressed enthusiasm about the extension, highlighting the strategic adaptability and continued success of their initial multi-option PPA with Statkraft. Bergsma emphasized Nuveen’s commitment to securing attractive global investment opportunities while exploring innovative routes to guarantee returns.
