Norwegian developer Cloudberry Clean Energy has signed an agreement to sell 80% of its 100MW offshore wind project on Sweden’s Lake Vänern to funds managed by UK investor Downing LLP for around NKr300m ($35m).

About a third of the sum is due at the expected financial close during 2021, and the remaining purchase price is slated to be paid after project commissioning in the second half of 2023, Cloudberry said.

“We are very pleased to cooperate with such an experienced infrastructure investor as Downing,” Cloudberry chief executive Anders Lenborg said.

“The project partnership is an important step towards fulfilling Cloudberry’s growth ambitions within shallow water wind power. It also shows our ability to realise significant value from our large pipeline of projects under development.”

Cloudberry itself had only recently bought the 16-turbine Rewind Vänern project from local developer Scanvind.

If built, it will be the second offshore wind farm on the Swedish lake, which is also the biggest lake in the EU.

The lake already hosts the 30MW Vindpark Vänern, which so far is the world’s only operating wind farm on a natural lake (there are also operating wind farms on the artificial Ijsselmeer Lake in the Netherlands).

Cloudberrry has started project design and procurement work at the project on Lake Vänern, which it estimates to produce around 350 gigawatt hours of electricity once it is built.

Wind

Boost for offshore wind plan on EU's largest lake as UK investor buys majority stake