June 3, 2020 - Assignment

Nordic wind portfolio financing reaches financial close

Fortum has divested an 80 % stake in its Nordic wind portfolio to funds advised by Credit Suisse Energy Infrastructure Partners (CSEIP). Senior project financing has been provided by Skandinaviska Enskilda Banken (SEB) and National Australia Bank (NAB).

This complex transaction comprises under construction and operating wind farms in three jurisdictions with a variety of offtake and subsidy structures, including a corporate PPA.

The financed portfolio consists of the operational Nygårdsfjellet (32MW, Norway), Ånstadblåheia (50MW, Norway), and Solberg (76MW, Sweden) wind farms as well as the Kalax (90MW, Finland) wind farm, which is currently under construction. The Kalax wind farm benefits from a 12-year PPA for 70 % of its production volume from Neste and a premium tariff awarded under Finland's tender in May 2019.

SEB and NAB were advised by Mannheimer Swartling in the transaction.