Alecta will in combination with short term capital commitments invest ca SEK 1.6 billion and be part of enabling the continued growth of Stena Renewable AB, a large-scale renewable energy focused independent power producer.
Stena Renewable has one of the largest operational portfolios of onshore wind in Sweden, with capacity of 315 MW and with close to 600 MW under construction. In 2024, Stena Renewable is projected to have close to 900 MW in production and a continued rapid yearly growth. The wind parks are mainly located in southern Sweden in proximity to end consumers and attractive power prices. The company has invested ca SEK 5 billion into the portfolio and expect another ca SEK 5 billion of investments during the coming three years.
Post-transaction both AMF and KLP will own 30% and both Stena Adactum and Alecta will own 20%. AMF and KLP entered during 2018.
“As Alecta invests in the company we have three of the leading Nordic institutional investors as partners who all share our long-term view on industrial development. This will ensure the company’s rapid expansion during an increasingly capital-intensive phase”, says Johan Wester, Senior Vice President at Stena Adactum and chairman of the board in Stena Renewable.
“We feel really excited about this investment, for several reasons. Stena Renewable AB is a well-reputed firm with a long and successful track-record in its field. It is an investment in green energy and thus in the transition to a net-zero economy. Since the wind parks are located in Sweden, the energy will also power the homes and businesses of our customers. We are looking to make more investments like this, nationally as well as internationally”, says Johanna Strömsten, Portfolio Manager at Alecta.
“This is a hallmark investment for us. It carries all the traits we look for – attractive risk-adjusted returns over a long period of time with focus on our commitment to net zero 2050 as a part of the Asset Owner Alliance. We believe it is a good strategy for our customers, with attractive returns and a focus on clean energy”, says Hans Sterte, CIO at Alecta.
“Following resilient project development since 2006, we have during the last years been in a rapid growth phase to we establish a large-scale independent power producing business with sole focus on renewables. Alecta complements current owners and contribute to enable our continued growth journey”, says Peter Zachrisson, CEO at Stena Renewable.
“We are very pleased to have advised on this partnership enabling the market entry of Alecta as a Nordic institutional investor supporting Stena Renewable’s continued growth and contribution to the energy transition”, says Omid Ashrafi, Managing Partner at Newsec Infra.
Managing Partner, Newsec Infra
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