Cube Infrastructure Fund II acquires a 49% stake in Varanger Kraftvind AS to finance the expansion of the Raggovidda wind farm in Norway.
Information on the Target
Cube Infrastructure Fund II has successfully acquired a 49% stake in Varanger Kraftvind AS, a company focused on renewable energy generation. This transaction marks a significant step in the expansion of the Raggovidda wind farm, located approximately 17 kilometers from Berlevag in Finnmark County, Norway. The wind farm includes a fully operational 45 MW facility and a permitted expansion project of 51.6 MW, which is anticipated to commence operations by the end of 2021.
The Raggovidda site benefits from excellent wind conditions, evidenced by the historical performance of the existing wind farm since 2014. Positioned at an elevation of 350 to 400 meters above sea level, it experiences an average wind speed of 9.5 m/s and encounters infrequent storms. Currently, the operational wind farm utilizes 15 Siemens Gamesa SWT-3.0-101 turbines, while the expansion will incorporate 12 Siemens Gamesa SWT-DD-130 turbines, enhancing production capacity.
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Industry Overview in Norway
The renewable energy sector in Norway is robust and expanding, supported by favorable governmental policies and a commitment to reducing carbon emissions. Norway has abundant natural resources, particularly hydropower and win
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Cube Infrastructure Fund II
invested in
Varanger Kraftvind AS
in 2023
in a Growth Equity & Expansion Capital deal