Nala Renewables, a global power and renewable energy platform and independent power producer, has entered into an agreement to acquire a 50MW, ready-to-build battery energy storage (BESS) project in Finland from Fu-Gen AG, a Swiss-based renewables developer and independent power producer.
The BESS project is located in the Southern Ostrobothnia region of Finland, with construction expected to start during Q2 2025 and operations commencing in the following year. The acquisition builds on Nala’s existing BESS portfolio, which includes an operational 25 MW / 100 MWh project located in Belgium, as well as a number of projects in development across Europe.
Trafigura’s power trading team will support the project with its battery optimisation expertise.
Mike O’Neill, Chief Executive Officer of Nala Renewables said: “We’re delighted to have invested in our first project in the Nordics. We look forward to broadening our portfolio in this important region for renewable energy, including onshore wind and further BESS projects.”
Will Herlinger, Head of Investment at Nala Renewables said: “We’re pleased to have transacted with Fu-Gen on this opportunity, a company that shares our expertise and commitment to developing and delivering high-quality renewable energy projects. Finland has strong market fundamentals and supportive policies for BESS investors. Further, we look forward to partnering with Trafigura to optimise the BESS, enabling Nala and Trafigura to contribute towards Finland's ambitious sustainability goals.”
Lorenzo Lanteri, Director and Founder of Fu-Gen, added: “This transaction marks a significant milestone for Fu-Gen, as we solidify our position in the Finnish market and continue to successfully execute our strategy of developing renewable energy assets in the Nordics. We are proud to collaborate with Nala Renewables and to contribute to the decarbonisation of the Finnish electricity sector.”
The BESS project will support Nala’s contribution to the UN Sustainable Development Goals by enabling efficient storage and release of renewable energy and contributing to a more sustainable and less carbon-intensive energy grid.
Tormoseröd/Sweden - Fu-Gen and Alpiq are proud to announce the official inauguration of the Tormoseröd Wind Park, a state-of-the-art renewable energy project located between Tanum and Strömstad, Sweden. This co-ownership between the two leading energy companies marks a significant milestone in Sweden's green energy transition and reinforces the partnership's commitment to sustainable energy solutions across Europe.
The Tormoseröd Wind Park, which consists of 11 high-capacity turbines with a combined installed capacity of 72.6 MW, will produce approximately 220 GWh of renewable energy annually − enough to power around 8000 Swedish households. This significant addition to Sweden's renewable energy portfolio directly supports the country's ambitious goal to achieve zero net greenhouse gas emissions by 2045.
A Strategic Co-Ownership for Future Energy Security
Fu-Gen, a Swiss based renewables developer and independent power producer (IPP), and Alpiq, a leading Swiss energy service provider and electricity producer with extensive expertise in sustainable electricity generation from renewable energies, joined forces to deliver the Tormoseröd project as part of their broader strategy to invest in green energy infrastructure. By leveraging their complementary expertise, Fu-Gen and Alpiq have successfully developed a project that not only meets Sweden’s renewable energy targets but also exemplifies industry-leading technology and innovation in wind power.
In December 2020, Fu-Gen acquired the majority of shares (70%) in Tormoseröd Vindpark AB, a project-company fully owned by Alpiq. The primary scope of this partnership was to build the Tormoseröd wind farm, based in the municipalities of Strömstad and Tanum, county of Västra Götaland in Sweden, and operate it over the next 30 years.
Alpiq has been expanding its activities and business relationships in Sweden, Finland and Norway for several years, for example by offering its customers in the Nordics a long-term and reliable supply of electricity from wind power but also investing in renewable power and flexible assets.
Fu-Gen owns a portfolio of onshore wind farms in operation and construction with an expected annual energy production of 860 GWh and is developing a portfolio of over 9 GW of projects across the Nordics covering onshore wind, solar PV and battery storage.
Media contacts:
Fu-Gen
Fredrik Ståhle
T +46 73 412 65 08
f.stahle@fu-gen.com
Alpiq
Guido Lichtensteiger
T +41 58 833 83 33
media@alpiq.com
About Fu-Gen
Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across Northern Europe. From its offices in Stockholm and Zurich, Fu-Gen leverages over a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.
www.fu-gen.com
About Alpiq
Alpiq is a leading Swiss energy services provider and electricity producer that operates throughout Europe. It offers its customers comprehensive and efficient services in the fields of energy generation and marketing as well as energy optimisation. Alpiq has been generating climate-friendly and sustainable electricity from carbon-free Swiss hydropower for more than 100 years. The power plant portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms and photovoltaic facilities in Europe. The Alpiq Group has around 1,200 employees and is headquartered in Lausanne, Switzerland. Alpiq Holding Ltd. is a private stock corporation in majority private ownership.
www.alpiq.com
Fu-Gen has completed the acquisition of the Havsnäs wind farm in Strömsund municipality, Sweden. The wind farm, consisting of 47 turbines and a total installed capacity of 93.4 MW, accelerates the growth of Fu-Gen’s operational asset portfolio.
Fu-Gen’s second acquisition in as many weeks consolidates its operational onshore wind production capacity in Northern Sweden, with the wind farm having an average annual production of ca. 263 GWh since its start of commercial operation in 2010. The wind farm presents an interesting opportunity for Fu-Gen, with strong wind conditions and the future possibility of re-powering, who intend to integrate the asset into a growing cross-technology portfolio of wind, solar, battery and (hydrogen-based) e-fuels projects across the Nordics and the UK.
Fu-Gen has signed an agreement to buy the Riberget wind farm in Ljusdal municipality, Sweden, from OX2. The wind farm will consist of 11 turbines and have a total installed capacity of 70 MW.
The wind farm strengthens Fu-Gen’s portfolio of Swedish onshore wind assets in construction/operation with an estimated annual production of 210 GWh, equivalent to the consumption of 42,000 households. The acquisition supports Fu-Gen’s mission of empowering future generations with sustainable energy solutions through the development and ownership of energy producing sites from wind, solar, battery storage and (hydrogen-based) e-fuels projects across the Nordics and the UK.
OX2 will commence construction of the wind farm by the end of 2022 and it is estimated to be completed during second half of 2024. Once commissioned, OX2 will be responsible for the technical and commercial management of the project under a 15-year agreement, optimizing the production and supervising its operations.
25 April 2022, Zürich & Stockholm: Fu-Gen, the independent power producer (IPP) and renewable energy investor with the mission to empower future generations with sustainable energy solutions, is pleased to announce it has secured strategic investment that will enable it to deploy more than €320 million to finance the acceleration of Europe’s energy transition. Fu-Gen will be targeting investments in onshore wind, solar, battery storage and green hydrogen. Fu-Gen expects to make its first investments in the UK, Finland and in battery storage technologies later this year.
The strategic investment has been secured from two leading insurers and Pension. The investable capital is comprised of commitments to the newly established Fu-Gen Assets 4 Platform, direct equity investment in Fu-Gen AG as well as co-investment rights in projects held by Fu-Gen.
Established in 2017 by Yaron Feingers and Lorenzo Lanteri, Fu-Gen brings together a dedicated group of professionals with more than a century of combined experience developing, financing, constructing, operating, and optimising renewable energy assets to support Europe’s transition to a low carbon economy while delivering sustainable returns to its investors. Operating with a long-term view, that prioritises the needs of the local community and environment, Fu-Gen is the IPP of choice for many in the Nordics, with more than 1500MW of assets in various stages of development in its portfolio.
Fu-Gen’s highly capable team will target both greenfield renewable energy assets and high-potential existing projects in later stages of development across the Nordics and, in a first for Fu-Gen, the United Kingdom. The platform from which Fu-Gen will deploy this capital is initially expected to operate for eight years and Fu-Gen has already identified a pipeline of potential opportunities.
Yaron Feingers, co-Founder of Fu-Gen, commented: “Through the Fu-Gen platform, we will scale our investment in, and deployment of, the renewable energy technologies essential to the transition in our core Nordic markets as well as expand into new markets with favourable policy and commercial fundamentals including the UK”.
Lorenzo Lanteri, Director and co-Founder of Fu-Gen added: “Fu-Gen already enjoys strong relationships with value chain partners and local communities across our 1500MW portfolio in the Nordics. We will build on this established track record by investing in new and innovative storage technologies that will be essential for securing a decarbonised power sector in Europe”.
ENDS
About Fu-Gen AG
Founded in 2017, Fu-Gen is an entrepreneurial independent power producer and renewable energy investor that is active across Northern and Western Europe. From its offices in Stockholm and Zurich, Fu-Gen leverages nearly a century of expertise developing, financing, constructing, and optimising renewable energy assets and technologies to pursue its mission of empowering Future Generations with clean sustainable energy solutions. Backed by leading institutions and pension funds, Fu-Gen develops both greenfield renewable assets and invests in high-potential projects further along the value chain to deliver superior sustainable returns to its investors over the long-term.
For more information visit: www.fu-gen.com
Media Contact:
Maitland/AMO
Alasdair Lennon
Tel: +44 207 395 0435
Email: FuGen@Maitland.co.uk
Advisors to Fu-Gen AG:
Lausanne – Alpiq and the Swiss company Future Generation Renewable Energy (“Fu-Gen”) have reached a co-ownership agreement for the Tormoseröd wind farm developed by Alpiq and located in Southwest Sweden. The wind farm is expected to be fully operative at the end of 2022 with an installed capacity of up to 72.6 Megawatts. It will be built and operated by Tormoseröd Vindpark AB led by Fu-Gen and Alpiq Ecopower AG (“AEP”), a subsidiary of Alpiq operating and implementing renewable energy projects in Europe.
In December 2020, Fu-Gen acquired the majority of shares (70 %) in Tormoseröd Vindpark AB, a project-company fully owned by Alpiq. The primary scope of this partnership is to build the Tormoseröd wind farm, based in the municipalities of Strömstad and Tanum, county of Västra Götaland in Sweden, and operate it over the next 30 years.
The concession for the asset construction is already in force and all the necessary rights have been secured, enabling the project construction to start in early 2021. The wind farm commercialisation is foreseen to start at the beginning of 2023 with an intended installed capacity of up to 72.6 Megawatts, equivalent to the consumption of 8’400 Swedish households.
Alpiq will be responsible for the project management activities during the construction phase and for technical and commercial asset management during operation. Onsite Alpiq will follow up the construction with its team of specialists and support the technical and commercial operations.
Tormoseröd is an important project for Alpiq in terms of project development, financing model and risk management. The asset light approach includes a major co-investing partner for renewable energy projects, with Alpiq taking over the development part of the assets in order to provide high-quality service to its customers.
The Tormoseröd wind farm project is totally in line with the Swedish Wind Energy Association’s strategy aiming to reach a 100 % renewable electricity generation by 2040. More specifically, it meets its expectations in terms of renewable energy projects development, as wind power generation is expected to be increased from today’s 20 TWh to at least 90 TWh in 2040 and account for over half of the electricity consumption in Sweden.
Alpiq and Fu-Gen are committed to renewable energies such as wind power and perfectly in line with tomorrow’s increasingly decentralised, decarbonised and digitalised energy world.
Alpiq follows a sustainable, financially sound and risk-adjusted energy business, in order to contribute to a better climate and a greater security of supply in European markets.
Alpiq is a leading Swiss energy services provider and electricity producer in Europe. Alpiq offers its customers comprehensive and efficient services in the fields of energy generation and trading as well as energy optimisation. As an international energy trader, Alpiq is active on all major European markets with unique expertise in the field of flexibility management and origination. The Alpiq Group has approximately 1200 employees and is headquartered in Lausanne, Switzerland.
The Swiss based Alpiq Ecopower AG (“AEP”) subsidiary was founded in 2011 with the purpose of operating and implementing renewable energy projects in Europe. So far AEP has been owning a total installed capacity of more than 320 MW’s in Italy, Bulgaria, France and in its home market Switzerland. www.alpiq.com
Fu-Gen (Future Generation Renewable Energy), currently operating in Sweden and Italy with locally established teams in both countries, was founded on the initiative of a group of renewable energy experts who bring together experience in the development and construction of new projects, as well as the operation and acquisition of existing ones.
Fu-Gen development strategy aims at the creation of an extensive grid-parity portfolio made of solar, wind, and storage based projects.
The Swedish based subsidiary Fu-Gen Energi AB is currently working on the development of a wind on-shore project pipeline of more than 600MW, mainly focused on Northern Sweden, and is exploring the potential of Green Hydrogen production in the Nordics.
Swiss energy company Fu-Gen AG has partnered with British asset manager Abraxas Capital Management to construct a wind farm outside Skellefteå for a total investment of EUR 56 million.
The cooperation between the parties was sealed in July 2019 through the acquisition of the project rights for Fjällboheden Vind AB from the French company Engie. An agreement has been signed with Vestas – the leading supplier of wind turbines in Sweden – for delivery of 10 wind turbines in 2021.
“This project is in line with the company’s vision and strategy. Our local team is well established in the region and we are excited to expand our portfolio in Northern Sweden with Fjällboheden and other projects in the future.” says Yaron Feingers, CEO of Fu-Gen AG, in a commentary.
The wind farm is located northwest of Skellefteå on privately owned, leased land. The project capacity shall be 42 MW with an estimated production of more than 160 GWh of renewable electricity per year, corresponding to the electricity requirements of 6.500 electrically heated homes.
"We have identified Sweden as an optimal core market for our Sustainable Investment Fund’s growth and diversification strategy. We are excited about the cooperation with Fu-Gen and the construction of Fjällboheden”, says Balthazar Cazac of Abraxas. "We look forward to opportunities for investments in more wind power projects, together with Fu-Gen in Sweden."
The windfarm will be built under the direction of Cameus AB and Topwind Consultancy BV and will start producing green energy in the summer of 2021. Installation of the grid connection lines will be initiated in November 2019. Roads and foundations will be built during the summer of 2020.
About Fu-Gen AG
Fu-Gen was founded on the initiative of a group of renewable energy experts who bring together experience in the development and construction of new projects, as well as the operation and acquisition of existing ones. The development strategy aims at the creation of an extensive grid-parity portfolio made of solar, wind, and storage- based projects. Fu-Gen currently operates in Sweden and Italy with locally established teams in both countries.
About Abraxas Capital Management
Abraxas Capital Management Ltd. (“Abraxas”) is a UK based full scope Alternative Investment Fund Manager (AIFM), authorized and regulated by the UK Financial Conduct Authority (FCA). Abraxas currently manages the Eos Sicav Plc Umbrella Fund, an open-ended collective investment scheme established as a multi-fund limited liability company with variable share capital (SICAV), with a special focus on green infrastructure investments.