European Energy has acquired renewable energy assets with a total capacity of 85.8MW from Vattenfall.
They include eight wind and solar farms located in Denmark, Germany, the Netherlands and the UK, with European Energy also taking over the day-to-day operations of the projects.
Around 57.8MW of capacity is operational while the rest of the 28MW of solar projects are under development and are expected to become operational in 2022.
Vattenfall intends to further optimise its onshore fleet by reducing the number of different turbine types and increase standardisation of technology and servicing platforms.
Sandra Grauers Nilsson, Vattenfall’s Head of Onshore Wind said: “Vattenfall’s goal is to make fossil fuel-free living possible within one generation. To do so requires also strong focus on process and portfolio optimisation.
“European Energy share many of our values. I’m delighted that they will take over the assets from us and operate them in the future. The transaction will enable us to further focus on our major wind farms in operation and under construction and will also open up financial space for more investments in developing onshore wind.”
European Energy added it is expanding its renewable energy portfolio in several European countries as part of its overall strategy to become an independent power provider.
Senior Vice President Jens Peter Zink said: “This also supports our move into the markets of UK and the Netherlands, where we will gain invaluable experience.
“European Energy is currently constructing more than 1.2GW of renewable energy capacity across 26 different sites in eight countries. With these agreements, European Energy will for the first time since the founding of the company be operating assets in the Netherlands and UK.”