Skip to content

CapMan Infra and Red Rock Power refinance Överturingen wind farm for €180 million


The joint venture makes key strategic move to optimise capital structure

The equal joint venture between Red Rock Power Limited and CapMan Infra has completed a €180million refinancing of its 241MW Överturingen operational wind farm in central Sweden.

The new consortium of lenders comprises of DekaBank, NatWest, NordLB and Bank of China.  Macquarie Capital advised Red Rock Power and CapMan Infra on the transaction.

Shi Weifei, Chief Financial Officer of Scotland-based renewable energy company Red Rock Power, said: “The refinancing of Överturingen was one of our strategic priorities following our acquisition of the project in December 2020.  Optimising the project’s capital structure allows us to focus our financial resources on continuing to expand our portfolio of projects and partnerships across Europe.”

Harri Halonen, Partner at Nordic infrastructure investor CapMan Infra said: “We are very pleased to complete this refinancing, which secures the continued generation of over 800 GWh of carbon-free electricity per annum. We look forward to work with the incoming consortium of lenders DekaBank, Natwest, NordLB and Bank of China, as well as continue the optimisation of the project with our partner Red Rock Power.”

Sylvain Delion, Managing Director at Macquarie Capital, added: “The new debt structure draws on the strength of Överturingen’s long-term corporate Power-Purchase-Agreement and O&M Agreement, putting it on a strong and stable footing for the future.”

The 56 turbine 241MW onshore wind farm, one of the largest in Scandinavia, has been operational since December 2020. It holds a 29-year PPA with Norwegian aluminium company, Norsk Hydro for the majority of its generation.

About Överturingen

Överturingen Wind Farm is owned by Cloud Snurran AB – an equal joint venture between CapMan Infra, a leading Nordic private asset expert, and Red Rock Power Limited, a Scotland-based renewable energy company who acquired 50% of the wind farm upon its completion in December 2020. Red Rock Power currently fulfils the role of General Manager to the wind farm, while Arise manages day-to-day on-site operations.


The wind farm is located across two areas – Länsterhöjden and Storflötten – in the Ånge Municipality, central Sweden, covering approximately 40 square kilometres within a commercial forestry region. It connects to the national grid at Rätan Power Station in Berg district of Jämtland.


Överturingen consists of 56 4.3-130 Siemens Gamesa turbines which utilise the company’s weather-tested de-icing technology to maximise availability and generation output.  A 25-year Operations & Maintenance service is also contracted with Siemens Gamesa.


In addition to its PPA with Norsk Hydro, the wind farm holds a 10-year PPA with NEAS energy for the remaining generation, powering around 40,000 homes.


About Red Rock Power Limited

Red Rock Power Limited – headquartered in Edinburgh, Scotland – is a developer, owner and operator of renewable energy projects. As well as Överturingen, it owns four other onshore and offshore wind farms at different lifecycle stages and with different ownership models, including 50 cent of the 1GW Inch Cape offshore wind development.


The company is actively pursuing development and acquisition opportunities to grow its existing wind portfolio, as well as expanding into other European markets and sustainable energy sectors.

Red Rock Power Limited is a wholly-owned European subsidiary of SDIC Power Holdings Co. Ltd, based in Beijing. SDIC Power is listed on Shanghai and London Stock Exchanges and owns a total installed capacity of 34.27GW globally, more than half of which is generated from renewable energy projects.


For more information visit


About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 160 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.


About Macquarie Capital

  • Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. The business combines specialist expertise, innovative advice and flexible capital solutions to help our clients and partners make opportunity reality. Our global corporate M&A, advisory, investing, development and equities capabilities are underpinned by deep sector expertise and a full spectrum of capital solutions from debt, equity, and private capital raising and financing to investing our own capital to enable new opportunities.