Keppel Corp. and Keppel Infrastructure Fund Management (KIFM), serving as trustee-manager of Keppel Infrastructure Trust (KIT), are paying €160 million ($160.5 million) for a 33.3-percent stake in a joint-investment vehicle, known as FundCo.
The Keppel companies are investing alongside Kommunal Landspensjonskasse (KLP), Norway’s largest pension fund, and MEAG MUNICH ERGO Asset Management. Fred Olsen Renewables (FORAS), a developer, operator and owner of renewable energy assets, will hold the remaining 51-percent stake in the projects.
FundCo will initially co-invest in 49 percent of three operating wind farms in Sweden and Norway with a combined generating capacity of 258 megawatts. The joint-investment vehicle will also have a five-year exclusive right and obligation to co-invest in 49 percent of all FORAS’ eligible pipeline of onshore wind-energy assets in Sweden and the United Kingdom, up to a total capital commitment of €480 million ($481.6 million).