Green Investment Group announced financial close on €270m of total funding for a 235 MW onshore wind farm in central Sweden. The project was developed by GIG and SCA Energy AB (SCA) and will comprise 56 Siemens Gamesa 4.2 MW turbines.
Partnering with SCA, GIG has commercialised, structured and financed the project through development to financial close. This includes the origination and structuring of what is believed to be one of the longest corporate wind energy PPA’s globally, with a 29-year fixed-volume agreement with Norsk Hydro – one of the largest aluminum companies in the world. Scandinavia is a priority market for GIG and the transaction extends the growing relationship with Norsk Hydro following the GIG backed 650 MW Markbygden Ett onshore wind farm last year.
GIG will own 100 per cent of the equity in the project. Macquarie Capital (Europe) Limited acted as financial adviser to the sponsor on the project, raising c.€160m of senior debt from Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and KfW IPEX-Bank GmbH (KfW). Denmark’s Export Credit Agency (EKF) is providing export credit cover. Siemens Gamesa will provide operations and maintenance services to the project through a 25-year agreement. NEAS Energy (part of Centrica plc) will provide balancing and hedging services for the project.