Keppel, KIT acquire stake in a wind farm in Sweden for $6.9m

The companies will have 2.9% and 13.4% stake in Fäbodliden II, respectively.

Keppel Corporation Limited (Keppel) and Keppel Infrastructure Trust (KIT) have jointly acquired a 16.3% stake in Fäbodliden II, a 17MW Swedish onshore wind farm, for $6.9m.

Of the 16.3% stake, Keppel’s is 2.9% and KIT takes 13.4%.

Kommunal Landspensjonskasse (KLP) and MEAG MUNICH ERGO Asset Management GmbH (MEAG) and Fred. Olsen Renewables AS (FORAS) own the remaining 83.7% stake in the wind farm.

In July 2022, Keppel and KIT also invested alongside KLP and MEAG, each for an approximate 33.33% stake in a joint investment vehicle, for a 49% share of an initial portfolio of onshore wind energy assets across Norway and Sweden sponsored by FORAS, which was completed on 8 September 2022. 

“As part of that deal, Keppel, KIT, KLP and MEAG also have the exclusive right and obligation to co-invest in 49% of all of FORAS’ eligible pipeline of onshore wind energy assets in Sweden and the United Kingdom when the assets achieve final investment decision,” Keppel explained.

Fäbodliden II is part of FORAS’ eligible pipeline of assets and is currently at an advanced stage
of development and is expected to be completed in 2H 2023.