Israel's Enlight Renewable Energy now holds a controlling interest in Sweden's Björnberget project, one of the largest wind farms in Europe, the company announced Monday.
The Björnberget has a total capacity of 372 megawatts. Permits have been obtained for construction, which is slated to include 60 wind turbines that utilize Siemens Gamesa 5.X technology.
Follow Israel Hayom on Facebook and Twitter
Enlight's share in the project will be 55%-61%, and the rest will be held by the European Prime Green Energy Investment Fund, which specializes in investments in wind energy in the Nordic market.
Enlight and the PGEIF have also agreed to partner on strategic development to promote additional renewable energy projects in the Nordic region.
As part of the transaction, Enlight will be allocated a share of about 20% in the PGEIF and will invest up to 50 million euros in the fund, which will be used for more renewable energy projects.
According to projections, once the Björnberget project is up and running, its electricity sales will amount to some €30 million in the first year, and around €60 million per year on average for the operating period.
Enlight co-founder and CEO Gilad Yavetz said that "especially at this challenging time for the Israeli economy, we are very proud to complete this important deal."
"This is Enlight's second large-scale project in the Nordic market, the biggest, most developed and liquid energy market in Europe," Yavetz said.
Subscribe to Israel Hayom's daily newsletter and never miss our top stories!
