Aquila Capital is increasing its Midtfjellet wind farm capacity by another 40MW for a total of 150MW.
An additional eleven Nordex 3.6MW wind turbines (N117) will be installed and operational by 2019, increasing production by about 110 GWh annually. Currently the project consists of two phases and has been producing 322 GWh/year since it began operations in 2013.
Head of Investment Management Energy & Infrastructure EMEA at Aquila Capital, Susanne Wermter said: “We look forward to further expanding our successful cooperation with our Norwegian partners. The past few months have shown how value creation can result from collaborations between asset managers and strategic investors.”
CEO and Co-Founder of Aquila Capital, Roman Rosslenbroich said: “Our majority stake in Midtfjellet Vindkraft AS represents a decisive step for us in the implementation of our Renewable Energy Strategy in Scandinavia. Northern Europe offers very good wind resources: electricity generation costs are generally competitive and require a lower total investment cost than many other feed-in tariff markets. We plan to further diversify the portfolio we manage through selected additional projects in Northern Europe and we are constantly reviewing potential target investments.”
The company announced the opening of their Norway office at the beginning of the year to demonstrate their commitment to the Nordic market. Aquila Capital has many renewable energy projects in the country, and had more planned for the future.