Why a Swedish Wind Farm With a 29-Year Contract Ended Up in Restructuring

AIP Management is buying a 241 MW wind farm in Sweden whose project company spent 2024 in court-supervised restructuring. The turbines were not the problem. They are 56 Siemens Gamesa machines commissioned in December 2020. What put the company in front of a court was the 29-year power contract that was supposed to make it safe.

Key takeaways

• AIP Management has agreed to acquire the 240.8 MW Overturingen onshore wind farm in Ange municipality, Sweden, from CapMan Oyj and Red Rock Renewables, a subsidiary of SDIC Power Holdings. Terms were not disclosed and completion is expected in mid-October 2026.
• Overturingen comprises 56 Siemens Gamesa 4.3-130 turbines in Sweden's SE2 electricity price area, reached commercial operations in December 2020 and carried a total investment cost of €270 million, or $314.25 million.
• Project company Cloud Snurran AB entered court-supervised financial restructuring in 2024 after losses linked to weaker-than-expected wind production and its long-term fixed-volume power sales arrangements, and the sale process began as part of that restructuring.
• Deliveries under Overturingen's 29-year power purchase agreement with Norsk Hydro ceased in November 2024 and the contract was terminated by settlement in July 2025. Norsk Hydro expects to receive about €28 million, or $31.88 million, in settlement compensation once the sale completes.
• Enerdatics records 26 Swedish wind transactions since the start of 2024, of which eight carry a disclosed value. The priced operational onshore deals run from $1.68 million per MW in July 2024 down to $0.79 million per MW in June 2026.

What does a fixed-volume power contract do that an ordinary PPA does not?

It makes the generator responsible for the weather. Most renewable power purchase agreements are pay-as-produced: the offtaker buys whatever the wind farm makes, so a poor wind year means less revenue but no extra cost. A fixed-volume contract commits the generator to deliver an agreed quantity whether or not the wind blows.

Under the Overturingen arrangement, Cloud Snurran had to deliver fixed volumes to Norsk Hydro and buy replacement power from the market whenever its own generation fell short. That turns one bad outcome into two. Output below forecast reduces income, and covering the gap at whatever the spot market charges that day adds a cost no amount of generation offsets. The contract stops being a revenue floor and starts behaving like a short position in Swedish power.

The record attributes the losses to exactly that pair of causes. Cloud Snurran held a trading agreement with Centrica Energy Trading covering balancing and surplus sales on Nord Pool, but no trading arrangement fixes the delivery obligation underneath. Enerdatics has covered the mirror image in the US, where a wind farm built in 2006 sold on the strength of a contract signed this year.

Why is the €28 million payment attached to the sale rather than to the termination?

Because the settlement was written to be funded by the exit. The PPA was terminated in July 2025, more than a year before AIP signed, yet Norsk Hydro's compensation of about €28 million, or $31.88 million, is expected only after the Overturingen sale completes, subject to customary closing adjustments.

That sequencing puts a number on something the market rarely sees. Unwinding a long-dated offtake contract has a price, normally invisible because it is negotiated privately. The record does not state who funds the payment. What it establishes is that the cost of releasing the asset from its offtake was fixed before a buyer was found, and falls due only when the asset changes hands.

For anyone underwriting Overturingen, that figure is not a line in the purchase price. It measures what the contract was still worth to the party buying the power, which is another way of saying how far below market the fixed price had drifted. It equals roughly 10 percent of what the wind farm cost to build.

What is AIP assembling across two Swedish price zones?

A merchant portfolio large enough to sell contracts of its own. Overturingen is the second acquisition under AIP's Project Winter Nordic operating-wind strategy, after the 71 MW Aldermyrberget wind farm in June 2026, and the two sit in different Swedish price areas.

Sweden divides into four bidding zones and prices in them diverge, at times sharply, because transmission between north and south is constrained. A single site earns whatever its own zone pays. Overturingen sits in SE2, so a second zone spreads that exposure.

The more consequential point is what AIP says the scale buys: broader access to corporate power purchase agreements. One 240.8 MW site struggled to carry a single badly structured contract. A portfolio spanning zones and sites can offer a corporate buyer a steadier delivery profile, and that is what makes a pay-as-produced contract signable at a sensible price rather than a fixed-volume one. Enerdatics believes that at the time of the transaction the project operated on a fully merchant basis, selling directly into the Nord Pool spot market.

Enerdatics records 26 Swedish wind transactions since the start of 2024, of which eight carry a disclosed value. Six price operational capacity, and they point one way. DWS Group paid $1.68 million per MW for the 48 MW Ljungbyholm farm in July 2024, and Infranode's 25 percent of the 242 MW Twin Peaks portfolio the following month grosses up to $1.35 million per MW for the whole asset. Equinor paid $1.50 million per MW for the 95 MW Lyngsasa farm in March 2025 and Enordic Evergreen $1.33 million per MW for the 62 MW Furuby farm in January 2026. The two most recent prints land far lower: $0.79 million per MW on Wallenstam's 112 MW Swedish portfolio in June 2026, and $0.91 million per MW on Cloudberry Clean Energy's 294 MW purchase from Orron Energy, which spans Sweden and Finland. Overturingen cost $1.31 million per MW to build. What it sold for was not disclosed.

What does the deal signal for Nordic onshore wind?

It signals that the contract, not the hardware, now decides whether a Nordic wind farm trades and at what level. Disclosed prices for operational Swedish wind have roughly halved in two years while the assets themselves have not changed. What changed is how much a buyer will pay for revenue it cannot see.

The second signal concerns who is selling. Overturingen reaches the market because a restructuring put it there, and that has become a pattern in European wind rather than an exception. Enerdatics covered the same dynamic in Germany, where a restructuring seller let two wind farms go three months before they switch on. For a buyer with patient capital this is close to the cleanest entry available: the damaging contract is gone, the cost of removing it has been settled, and the turbines carry five years of production history.

Frequently asked questions

What is AIP Management buying in Sweden?The 240.8 MW Overturingen onshore wind farm in Ange municipality, from CapMan Oyj and Red Rock Renewables, a subsidiary of SDIC Power Holdings. Terms were not disclosed and completion is expected in mid-October 2026.

Why did the Overturingen project company enter restructuring?Cloud Snurran AB entered court-supervised financial restructuring in 2024 following losses linked to weaker-than-expected wind production and to its fixed-volume power sales arrangements, under which it had to deliver agreed volumes and buy replacement power from the market when generation fell short.

What do Swedish wind farms sell for?Usually the answer is not public. Of the 26 Swedish wind transactions Enerdatics records since the start of 2024, eight disclose a value, and the six pricing operational capacity range from $1.68 million per MW in July 2024 to $0.79 million per MW in June 2026.

Enerdatics tracks every Nordic wind transaction, including the contract structures that decide what an asset is worth. Explore the Enerdatics Insights page.