September 27 (Renewables Now) - German independent asset manager Prime Capital AG today announced a 290-MW wind portfolio acquisition in Sweden and the creation of a joint venture with project developer CPC Finland seeking to build a 200-MW green hydrogen plant.
The deals were signed on behalf of the German firm’s EUR-1-billion (USD 966.4m) Prime Green Energy Infrastructure Fund (PGEIF).
Specifically, the asset manager will buy three wind farms in Lycksele, Sweden, from UK-based RES Group in a deal seen to be finalised in the closing quarter of 2022. The plants will be switched on in 2025 and will generate roughly 1 TWh of electricity, part of which will be used for an unspecified Power-to-X (PtX) project in the region.
Through the partnership with CPC Finland, Prime Capital will develop a PtX project in Kristinestad, Finland, to produce green hydrogen and e-methane. The proposed facility is planned to be powered with 600 MW of renewable energy projects that the Finnish developer will provide for the joint venture initiative. Thus, at least 80% of the plant’s power demand will be sourced from the JV’s own production capacity.
With permitting procedures underway, construction works on the PtX project are due to be launched in 2024. The complex is planned to be commissioned in 2025.
“The Nordic green hydrogen/power-to-X market has a significant market potential in light of increasing hydrogen and synthetic fuels demand in Europe, accelerated as a result of the Ukraine war,” said Mathias Bimberg, Head of Infrastructure at Prime Capital AG.
(EUR 1.0 = USD 0.966)