Prime Capital Invests in the Nordic Market
Prime Capital AG, the asset manager, acquires renewable energy projects in Finland and Sweden.
| Sectors | Hydrogen Energy, Wind Energy, Green Hydrogen, Onshore |
|---|---|
| Themes | Investments & Transactions, Corporate Investment |
| Companies | CPC |
| Countries | Finland, Sweden |
Prime Capital AG, the asset manager, acquires renewable energy projects in Finland and Sweden. The company is also establishing a joint venture to operate a renewable hydrogen plant in Finland. In addition, the company received the “Green Fund of the Year 2022” award.
A joint venture in Finland
Prime Capital AG, announces two significant transactions on behalf of its Prime Green Energy Infrastructure Fund (“PGEIF”). The first is a joint venture with CPC Finland, a wind energy company. This project aims to develop a large green Power-to-X (PtX) plant in Kristinestad, Finland.
The concept of PtX, which is not yet widespread, could replace fossil fuels. It aims to convert excess renewable electricity that cannot be stored. Thus, wind energy (Power) is converted into renewable hydrogen (X) by electrolysis.
The objective is to store the energy for later use. Among its uses, we find the production of synthetic fuels based on hydrogen by adding CO2. In addition, electricity from a 600 MW renewable energy portfolio of CPC Finland will supply the PtX plant.
Three wind farms in Sweden
Prime Capital AG also signed an agreement to acquire three wind farms. Signed with RES, the world leader in renewable energy, they will have a total capacity of 290 MW. The transaction is expected to close in the fourth quarter of this year.
These parks will bring nearly 1 TWh per year of green energy to the region and the European market. A portion of the green electricity will be used to power a green PtX project in the region. According to Mathias Bimberg, these projects seem to be part of a real corporate strategy:
“With our well-established presence in these markets, we have strong potential to become a relevant player in this new wave of the European energy transition market.”
Prime Capital has been one of the largest investors in the Nordic wind market in recent years. The company also offers access solutions as well as consulting and investment solutions. In addition, the company currently employs about 120 people in Frankfurt and Luxembourg.
