GE and GIG partnered to deliver and operate 650 MW of onshore wind through the Markbygden ETT wind farm in Northern Sweden. The project will be the largest single site onshore wind farm in Europe, increasing Sweden’s installed wind generation by more than 12.5 percent. The equity partners raised approximately EUR800 million in financing and have commenced construction of the project. The transaction is GIG’s first equity investment following its acquisition by Macquarie and its first investment outside of the United Kingdom.
The project was financed on a non-recourse project financing basis with close to EUR500 million in debt financing. GE and GIG originated and structured a 19-year fixed volume Power Purchase Agreement (PPA) with a subsidiary of Norsk Hydro, one of the largest aluminum producers in the world. The PPA is understood to be the largest corporate wind energy PPA in the world.