John Laing Plc, a U.K. developer of hospitals, schools and roads, has finished raising money for its land-based wind farm in Sweden that will produce enough electricity to power about 12,500 homes.
The project, funded entirely by the company, is the first onshore wind farm it will develop outside Britain, the London-based unit of Irish asset manager Henderson Group Plc said in a statement. It will comprise 10 turbines of 2 megawatts each, and it’s expected to start working in the first half of next year. The cost wasn’t disclosed.
Sweden wants half of its energy to come from renewables by 2020, up from 47 percent now. The country has a common green-certificate market with Norway that requires electricity suppliers to get a certain portion of power from low-carbon sources. They do this by buying green certificates that have a tradable value.
John Laing in December bought three solar power projects in the U.K. It said at the time it was evaluating other solar deals and would like to build a portfolio of renewable energy assets across the U.K., northern Europe and other regions where it already has a presence.