Eiffel Investment Group has agreed to pay $32.3 million for half of a 1.8 GW portfolio of Swedish solar, wind and battery projects. Building the whole portfolio is expected to cost $1.61 billion. And this is the second time in fourteen months that Landinfra Energy has sold half of a Swedish hybrid pipeline of almost exactly this size.
Key takeaways
- Eiffel Investment Group announced on 2 April 2024 a partnership agreement to acquire a 50 percent stake in a 1.8 GW renewable energy portfolio in Sweden from Landinfra Energy for $32.3 million, with Landinfra keeping the other 50 percent.
- The Landinfra and Eiffel portfolio comprises 1,350 MW of solar with co-located batteries, 300 MW of wind with co-located batteries and 140 MW of standalone energy storage, mostly in the SE3 Stockholm price zone with the rest in SE4 Malmö.
- The 1.8 GW Swedish portfolio represents an investment of $1.61 billion and is expected to generate around 2 TWh of electricity a year, with all projects still in development.
- Grossed up to 100 percent, Eiffel's $32.3 million for half the Landinfra portfolio implies about $64.6 million for the whole, or about $0.036 million per MW.
- In February 2023 Landinfra Energy agreed a similar deal with Taaleri Energia, selling 50 percent of a separate 1.9 GW Swedish hybrid portfolio that also represented an investment of about $1.6 billion.
What is Eiffel buying into?
A development pipeline built around batteries. Almost every project in the portfolio pairs generation with storage. Co-located storage means a battery sits at the same site and grid connection as the solar or wind farm, so it can absorb output when prices are low and release it when they are high.
Most of the capacity is solar. The 1,350 MW of solar with batteries is three quarters of the total. Wind with batteries adds 300 MW, and 140 MW is standalone storage with no generation attached. The majority of the projects sit in SE3, the Stockholm price zone, and the rest in SE4 around Malmö.
Nothing has been built. All of the projects are in development, and the first are expected to be ready to build in the year after the announcement, subject to permits. Ready to build means the permits, land and grid connection are in place and construction can start. Completion of the sale was also subject to approval from the Swedish Inspectorate of Strategic Products.
What does $32.3 million actually price?
An option on the build, not the build itself. Leap stores the deal at $0.02 million per MW, which divides the 50 percent consideration by the full 1,790 MW. Grossed up to 100 percent, the implied value of the whole portfolio is $64.6 million, or about $0.036 million per MW.
The more striking comparison is with the construction bill. The portfolio represents an investment of $1.61 billion. Eiffel's $32.3 million is about 2 percent of that figure, and the implied value of the whole portfolio is about 4 percent. The rest of the money will be needed later, as projects reach ready to build and move into construction.
If the two partners fund construction in line with their stakes, Eiffel's share of the build cost would dwarf its entry price. The headline consideration is better read as the price of a seat at the table, and the per MW figure measures how far the projects are from construction rather than how much they will eventually be worth.
Why has Landinfra done this deal twice?
Because the model is the business. In February 2023 Taaleri Energia agreed to acquire 50 percent of a 1.9 GW portfolio of Swedish hybrid projects from Landinfra. That portfolio paired 1,100 MW of solar and storage with 800 MW of wind and storage, mostly in SE4 with the rest in SE3, and also represented an investment of about $1.6 billion. Leap records the Eiffel deal as a similar agreement.
The two portfolios are close mirrors. Each is around 1.8 GW to 1.9 GW, each costs about $1.6 billion to build, and each is split half and half with a financial partner. The Taaleri portfolio leans towards SE4 and has more wind. The Eiffel portfolio leans towards SE3 and is mostly solar.
For Landinfra, the structure turns development work into cash without giving up control of the pipeline, and brings in a financial partner alongside it for the build. Taaleri's price was not disclosed, so the Eiffel deal is the only one of the two that shows what half a Landinfra portfolio costs.
Enerdatics' data shows 46 M&A transactions for development-stage renewable assets in Sweden between January 2023 and June 2025. Eight carry a disclosed value. Grossed up to 100 percent, the Eiffel deal at about $0.036 million per MW sits at the bottom of the range with the Port of Gothenburg's 5 percent of the 1 GW Västvind offshore project, which implies about $0.029 million per MW. Ingka Group's 49 percent of OX2's 2.4 GW Neptunus and Pleione offshore projects implies about $0.086 million per MW, and ewz's 51 percent of solar developer Solare Nordic implies about $0.42 million per MW. Single wind farms price far higher: Svenska Cellulosa's purchase of the 105 MW Fasikan wind farm came to about $1.38 million per MW, and ewz's purchase of OX2's 115 MW Anglarna wind farm about $2.13 million per MW.
What does the deal signal for Swedish renewables?
It shows that most Swedish development pipelines trade without a price. Thirty-eight of the 46 development-stage transactions in the period carry no disclosed value, including Taaleri's half of the earlier Landinfra portfolio and Hydro Rein's 80 percent of 25 wind projects from IOWN Energy. The Eiffel figure is one of very few public marks for an early-stage Swedish hybrid portfolio.
It also shows how wide the gap is between a pipeline and a project. The same market that values a 1.8 GW pipeline at under $0.04 million per MW has priced individual wind farms at more than $1 million per MW. Reading the headline price as a measure of the assets, rather than of their stage, can mislead in the same way as reading enterprise value as cash paid, as in BKW's purchase of three Eolus wind farms.
And it shows storage built into Landinfra's design from the start. Of the 1.8 GW in the Eiffel portfolio, every megawatt is either paired with a battery or is a battery. The value of that design will only be tested once the first projects reach ready to build and the partners commit to construction.
Frequently asked questions
How much did Eiffel Investment Group pay for its stake in Landinfra's Swedish portfolio? Eiffel Investment Group agreed to pay $32.3 million for a 50 percent stake in Landinfra Energy's 1.8 GW Swedish renewable energy portfolio, announced on 2 April 2024.
What is in the Landinfra and Eiffel portfolio? The portfolio comprises 1,350 MW of solar with co-located batteries, 300 MW of wind with co-located batteries and 140 MW of standalone storage, representing an investment of $1.61 billion.
Has Landinfra Energy done a similar deal before? Yes. In February 2023 Taaleri Energia agreed to acquire 50 percent of a separate 1.9 GW Swedish hybrid portfolio from Landinfra Energy. The price was not disclosed.
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