Grünwald near Munich, 03.07.2025 – Around six years after the acquisition, KGAL has sold the Swedish Bäckhammar wind farm with 31 wind turbines and a total capacity of 130 MW from the KGAL ESPF 4 fund. Thanks to the early entry in the development phase of the project and participation along the entire value chain, the fund investment was able to achieve a return well above the hurdle rate. The buyer of the wind farm is Aneo, a leading Norwegian developer and operator of renewable energy plants.
KGAL accompanied the Bäckhammar wind farm from the development to the construction phase and the grid connection to operation. The site conditions are promising: good wind conditions at an altitude of over 130 metres provide the basis for economically attractive energy yields. Since the end of 2020, Bäckhammar has been feeding electricity into the grid and making a large part of it available to a US technology group under a ten-year electricity supply contract.
“Bäckhammar is an excellent example of the successful implementation of a ‘buy, build, sell’ strategy,” explains Andreas Ochsenkühn, Head of Portfolio Management Sustainable Infrastructure at KGAL. “This Swedish wind farm was the first major commitment of KGAL ESPF 4 and was made possible by a co-investment by a fund investor. The successful structuring of a viable contractual framework, the implementation of a PPA tender process and the securing of long-term debt financing at competitive conditions laid the foundation for the success of the project.” At the same time, with the sale of projects such as Bäckhammar, KGAL is making newly created solar and wind power capacities available to other market participants, thus supporting their efforts to decarbonise.
New ESPF fund to launch soon
Since 2017, KGAL has been implementing the “Buy, Build, Sell” strategy with great success in the KGAL ESPF 4 and 5 funds, which together have invested more than 1.5 billion euros in renewable energies. Both funds have so far exceeded their return expectations. A new fund in the ESPF series will be launched shortly. In addition to power generation, he will also focus on topics such as battery storage and grid expansion.
KGAL was advised on the transaction by Newsec Energy Transition as financial advisor.
