Wallenstam sells its wind farms
Wallenstam has today signed an agreement with Locus Energy to sell all of its wind farms comprising a total of 53 wind turbines with an installed capacity of 112 MW. In connection with the transaction, an agreement is also being entered into for the supply of renewable energy to Wallenstam.
Wallenstam invested in its first wind turbine in 2007 and thereby began its commitment to renewable energy based on its social engagement and an ambition to contribute to the green transition. In 2013, Wallenstam became the first listed property company to be self-sufficient in renewable electricity on a monthly basis through its own wind power generation. When the investment began, wind power accounted for just under one percent of Sweden’s electricity production. Today, this share amounts to approximately 25 percent.
In connection with the sale, Wallenstam is securing renewable electricity for its properties through an agreement with Locus Energy for the supply of renewable energy.
“It feels good to have contributed to the green transition of electricity generation in Sweden. We invested early in wind power and have been on a journey where a lot has happened. Now, repowering and other investments are required to further develop the wind turbines, something that a larger and more specialized operator like Locus Energy is better equipped to do. The timing feels right. Meanwhile, it is important to me that we can also ensure a continued supply of renewable energy for our properties,” says Hans Wallenstam, CEO.
The sale is being carried out through a company transaction, where the wind turbines have a value of SEK 830 million. The buyer Locus Energy will take over the company once the Swedish Inspectorate of Strategic Products (ISP) has given its approval for the transaction.
“Together with Locus Energy, we are now also entering into a joint development project with the goal of using modern technology to develop a dynamic tool for creating electricity price agreements for the real estate market. The ambition is to create a solution that also works for property companies with different and more varied consumption profiles than those traditionally covered by this type of agreement,” says Hans Wallenstam, CEO.
“It is exciting to take over the baton and continue developing the wind power assets to meet future conditions. With our existing portfolio of different asset classes, we look forward to working together with Wallenstam and our partners to create a electricity price agreement tailored to the needs of real estate companies,” says Niklas Sörensen, CEO of Locus Energy.
Locus Energy is a long-term owner and developer of renewable energy in the Nordic region. The company is owned by the Article 9 fund SEB Nordic Energy and invests capital from the fund. Its portfolio consists of hydropower, wind power and battery storage, with a focus on developing existing assets. The Locus Energy platform is part of the long-term partnership between SEB Asset Management and Locus Infra for investments in renewable energy and infrastructure.
For further information, please contact:
Susann Linde, Vice CEO and CFO Wallenstam AB, tel. +46 705 17 11 34
www.wallenstam.se
Wallenstam is a property company that manages, builds and develops properties for sustainable living and enterprise in Stockholm, Gothenburg and Uppsala. The property holding is valued at around SEK 71 billion and the customer base consists of around 12,800 households and 1,000 enterprises. The total lettable area is around 1.4 million sq m. The company’s B shares have been listed on Nasdaq Stockholm since 1984.