Keppel to invest S$233.6m in European onshore wind project

Keppel Corp and KIT will jointly invest in a 33.33% stake in FundCo.

Keppel Corporation and Keppel Infrastructure Trust (KIT) will jointly invest around S$233.6m (€160m) for a 33.33% share in the joint investment vehicle FundCo for the onshore wind energy assets and projects in Norway, Sweden, and the UK.

In a disclosure, Keppel said Norwegian pension fund Kommunal Landspensjonskasse, and global asset manager MEAG MUNICH ERGO Asset Management GmbH will also invest around S$233.6m (€160m) for a 33.33% stake in the FundCo.

With this, FundCo will first co-invest in 49% of three operating wind farms in Sweden and Norway with a total generating capacity of 258 megawatts (MW).

The remaining 51% will be held by Fred. Olsen Renewables AS (FORAS), which sponsors the energy projects in the three countries.

FundCo will also have a five-year exclusive right and obligation to co-invest in 49% of FORAS’ eligible pipeline of wind energy assets with 1.3 gigawatts capacity in Sweden and the UK when the final investment decision is achieved, with up to around S$700.8m (€480m) total capital commitment.

The proposed co-investment in the initial portfolio is expected to be completed by the third quarter of 2022. They said KIT is planning to fund its commitment of approximately S$191.6m (€131m) through the combination of internal sources of funds, proceeds from equity and/or debt capital market issuances and/or external borrowings.

If all commitment is used, KIT’s enlarged portfolio will increase to S$4.7b from S$4.5b in March 2022.

They said the transaction marks Keppel Corporation’s expansion in the wind energy business and KIT’s first investment in the renewable energy sector. Upon the investment’s completion, the Keppel Group’s total renewable energy portfolio will reach around 1.8GW, including assets under development.

Follow the link for more news on

Keppel Group

Also Read

Alternergy secures interconnection deal for 100 MW Wind Project

JERA establishes RE venture in London

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit