CGN said it signed an equity transfer agreement with current development partners US group GE and Australian financier Macquarie for 75% of the project in Pitea. Financial terms were not disclosed.
The Markbygden project will use 179, 3.6MW GE turbines when it comes online by 2020.
The plant – which CGN said will be Europe’s largest onshore wind farm when it enters service – hit the industry headlines last year when it concluded a record-breaking 1.65TWh annual PPA to sell output to aluminium group Norsk Hydro.
CGN said in a statement that the acquisition continues a European wind power strategy that began when it opened an office in Paris in 2014.
The Chinese group has since made investments in France, the UK, Belgium and Ireland. The Swedish deal marks its entry to the Nordic market, it added.
Green Investment Group – the specialist clean energy finance arm of Macquarie involved in Markbygden – told Recharge: “We were proud to play an important role in the development of the pioneering Markbygden project, working closely with our partners to move it from development into construction.
“The project had been in development for 15 years and we played an important role by establishing the right partnerships to achieve financial close, not least in originating and structuring a 19-year fixed volume PPA with Norsk Hydro.
“This project is a good example of our investment approach – using our expertise to help develop new green energy projects and, as those projects mature, passing our ownership stake on to long-term owners, enabling us to recycle our capital into new development projects.”
GE has not so far responded to enquiries from Recharge to comment on the CGN announcement.