Onshore renewables

Green Investment Group acquires Hornamossen Wind Farm

12 June 2019

  • Macquarie’s Green Investment Group Limited (GIG) acquires the 43 MW Hornamossen Wind Farm from Nordic wind power developer OX2.
  • GIG structured and secured a long-term PPA for the project with Axpo Nordic.
  • GIG has now sourced and structured PPAs for almost 1 GW of onshore wind capacity in Sweden.

Macquarie’s Green Investment Group Limited (GIG) has today announced the acquisition of the 43 MW Hornamossen onshore wind farm located in Sweden’s Jönköping municipality.

GIG will acquire 100 per cent of the project from Nordic wind power developer OX2, who have been developing the project since 2006.  Consisting of 10 Siemens Gamesa 4.3 MW direct drive turbines, Hornamossen is expected to produce enough renewable electricity to displace an estimated 121 kt CO2e over its lifetime - the equivalent to removing approximately 1000 cars from the road every year of its operational life.

GIG structured and secured a long-term power purchase agreement (PPA) for the project with Swiss energy utility Axpo Nordic, part of the Swiss energy group Axpo. GIG has now sourced and structured PPAs for almost 1 GW of onshore wind capacity in Sweden, equivalent to over 10% of Sweden’s total onshore wind installed capacity.

This is GIG’s first partnership with OX2, an experienced developer in the Nordic region, who will continue to act as the project’s asset manager throughout construction and operations under a bespoke engineering, procurement and construction (EPC) contract. Construction is expected to commence in early July 2019 with commercial operations anticipated in Q4 2020.

Sweden’s onshore wind market continues to see high levels of investor demand, supported in part by the country’s target to generate 100 per cent of its electricity from renewable sources by 2045 and the market's conduciveness to bilateral PPA structures. Sweden was the largest investor in onshore wind energy in Europe in 2018, representing a 26 per cent share of total onshore wind investments, and saw more onshore wind capacity reach final investment decision than any other European country1


"I’m delighted to be partnering with OX2 to deliver GIG’s third PPA-backed onshore wind development in Sweden in under two years, As the popularity of PPAs grows across Europe, Sweden continues to lead the way and 2019 looks set to be another exceptional year for Swedish onshore wind. GIG will continue to seek new opportunities right across the Nordic region as we pursue our mission to accelerate the transition to a greener global economy."

Ed Northam
Head of GIG EMEA


"We are very pleased to establish this relationship with Green Investment Group, who have a strong track record as an experienced and successful investor into Nordic renewables."

Paul Stormeon
CEO of OX2


"The PPA with GIG is further proof of our ability to offer attractive PPAs in a liquid Nordic market. PPAs with onshore wind farms are one of our most important growth areas as customer demand is constantly growing. GIG’s depth of experience as a counterparty has been evident throughout this project and we are looking forward to continuing to work together."

Tomas Sjöberg
Managing Director Axpo Sverige

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About Axpo:

Axpo Nordic is a leading marketer of power from renewable energies in the Nordics and has been active in the Nordic and Baltic region since it was founded in 2003. Besides the PPA business, Axpo Nordic specializes in developing tailored products for its customers, such as retailers, industry, and producers, and provides corresponding services. The local business activities in the Nordics are part of Axpo’s strategy of constantly expanding its international presence and business specializing in tailor-made energy solutions.

The Axpo Group produces, trades and distributes energy reliably for over 3 million people and several thousand companies in Switzerland and in over 30 countries throughout Europe. Around 4300 employees combine the expertise from 100 years of climate-friendly power production with innovative strength for a sustainable energy future. Axpo is an international leader in energy trading and in the development of tailor-made energy solutions for its customers.

Contact: Axpo Holding AG, Corporate Communications, T +41 56 200 41 10, medien@axpo.com

About OX2:

OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2 GW of wind power in the Nordic region. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania, France and Germany. Its head office is located in Stockholm, Sweden. Sales revenue in 2018 amounted to EUR 403 million. For more information, please visit: www.ox2.com