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Keppel Corp will expand its wind energy portfolio by co-investing €480 million alongside Keppel Infrastructure Trust (KIT), Kommunal Landspensjonskasse (KLP) and MEAG MUNICH ERGO Asset Management.
The partners jointly committed €160 million each for a combined 33.3% stake in a joint investment vehicle (FundCo), which will invest in a portfolio of existing and future onshore wind energy assets across Norway, Sweden, and the UK. The projects are owned by Fred. Olsen Renewables AS (FORAS). FundCo will initially co-invest in 49% of three operating wind farms in Sweden and Norway with a combined generating capacity of 258 MW (Initial Portfolio). FundCo will further have a five-year exclusive right and obligation to co-invest in 49% of all FORAS’ eligible pipeline of onshore wind energy assets (1.3GW) in Sweden and the United Kingdom when they achieve final investment decision, up to a total capital commitment of €480 million. FORAS will hold the remaining 51% stake in the projects.
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