Renewable Energy Infrastructure Fund acquires 16 MW wind power asset from O2

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Renewable Energy Infrastructure Fund acquires 16 MW wind power asset from O2

Germany based fund, Renewable Energy Infrastructure Fund (REIF), has signed an acquisition contract with O2 for eight turnkey wind turbines at Massingberget in Dalarna, Sweden.

REIF is advised and managed by the GCG Renewable Energy Management GmbH & Co. KG (REM), based in München.

Ralph P. Seraphim, Managing Partner of REIF said:

"This is our first wind power investment in Sweden. Massingberget is attractive from an investor's perspective because the good wind conditions make for a favorable yield in relation to a low level of risk. We chose to work with O2 because of its excellent track record in the Swedish wind power market."

The anticipated average production for the eight wind turbines is 55 GWh per year, which corresponds to annual consumption of household electricity for slightly more than 12,000 households.

Paul Stormoen, CEO of O2 Vindkompaniet, said:

"We are seeing increasing interest in our Swedish projects from international investors. It is extremely positive that foreign capital is now flowing into Sweden as this benefits industrial growth, local development and our possibilities to export renewable electricity."

REIF's wind turbines will be part of a wind farm with a total of 11 wind turbines. The farm is at Massingberget, which is located in the Municipality of Orsa, Dalarna County, Sweden. The preparatory work will commence immediately, since all of the relevant permits and planning permission have been granted.

The start of operations and transfer to REIF are expected to occur at the beginning of 2015. Following this, O2 will continue to manage the wind farm commercially and technically under a separate agreement.

The turbine selected is a Vestas V100-2.0 MW, which has a rotor of 100 m and an output of 2.0 MW.

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