Whitehelm completes Swedish wind deal

The Australian fund manager has acquired a majority interest in the Storrun wind farm on behalf of superannuation fund Prime Super.

Whitehelm Capital (Whitehelm), the Australian fund manager, has completed the acquisition of a majority interest in the 30-megawatt (MW) Storrun wind farm in Jamtland, Sweden. The vendor was Denmark’s DONG Energy.

The acquisition was made on behalf of Prime Super, the Australian superannuation fund which Whitehelm advises. Prime Super serves rural and regional Australians, including those in the health and aged care sectors, and has A$2.5 billion (€1.7 billion; $2.0 billion) in assets.

Storrun is an onshore wind farm with a five-year operating history that was acquired through a negotiated process between Whitehelm and DONG. The sale is part of DONG’s strategy to divest non-core assets in order to focus on its offshore wind business.

“This investment, with five years of operating history, a long-term power purchase agreement and a wrapped operations and maintenance agreement, will be a good fit for Prime Super’s portfolio,” said Stephen Burns, head of investments Europe and Americas, at Whitehelm.

“We would hope that this investment is the first of many in the Nordic renewables sector,” he added.

Whitehelm has made two previous renewable investments in Oaklands Hill in Victoria, Australia, and Miaoli Wind in Taiwan.

As well as Whitehelm, the buyer was advised by Baker & McKenzie, PWC, Sgurr Energy and Willis.

Whitehelm was formed in July this year when the infrastructure activities of Australian Stock Exchange-listed financial services firm Challenger Limited were merged with infrastructure fund manager and adviser Access Capital Advisers.