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Greystone steps into 334MW Swedish wind portfolio

Having previously invested in Irish wind, the Canadian fund’s acquisition of 21% of Rabbalshede Kraft represents its second move in Europe.

Canada-based Greystone Infrastructure Fund has secured a stake in Swedish wind developer Rabbalshede Kraft, providing it with access to a portfolio of 334MW.

Although the terms of the deal were undisclosed, Infrastructure Investor understands Greystone has paid a fee in the region of €30 million for a 21 percent stake in Rabbalshede Kraft, which has been listed on Sweden’s alternative stock market since 2014.

The developer’s operating and authorised project portfolio stands at 334MW, although more than 250MW is also at the planning or application stage. Last year it teamed up with Ardian to build a 76MW project.

“Greystone’s investment in Rabbalshede Kraft provides scalability for future deployment of capital on behalf of our institutional investors and establishes a strategic foothold in the Nordic renewable market,” said Jeff Mouland, head of Greystone’s infrastructure strategy. Mouland has also been added to the board of Rabbalshede Kraft.

The investment in the Swedish company is Greystone Infrastructure Fund’s second investment in the European market. Last year it bought a 51 percent interest in the 24.2MW Ballycadden wind farm from Impax Asset Management. Elsewhere, it has been an equity partner in US-based solar developer Silicon Ranch since 2014 and increased its commitment to the firm alongside Partners Group last month.