The project was developed by Green Investment Group (GIG), the specialist green energy principal investment business of Macquarie Group (Macquarie), and SCA Energy AB (SCA) and will comprise 56 Siemens Gamesa 4.2 MW turbines.
GIG will own 100 per cent of the equity in the €270m 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. The project will benefit from a 29-year fixed-volume agreement with Norsk Hydro and NEAS Energy (part of Centrica plc) will provide balancing and hedging services for the project.
Main construction at the project site is scheduled to commence imminently and is expected to be completed by December 2019. The project is located at Länsterhöjden & Storflötten in the Ånge Municipality of Västernorrland, central Sweden.
The creditors were advised by Mannheimer Swartling in the transaction.