October 5, 2018 - Assignment

The Blakliden/Fäbodberget onshore wind farm project reaches financial close

Vattenfall, Vestas and PKA have partnered to deliver and operate 353 MW of onshore wind through the Blakliden/Fäbodberget wind farm in Northern Sweden. The project will be one of the largest onshore wind farms in Sweden, with a total capacity of 353 MW, which is enough renewable energy to supply 220,000 Swedish homes with electricity. The equity partners raised approximately SEK 3.5 billion in financing and have commenced construction of the project, which is expected to be fully operational Q1 2022.

The project will be funded through a mix of equity, mezzanine debt and senior project financing debt. The project financing has been arranged by Coöperatieve Rabobank U.A. Denmark's Export Credit Agency (EKF) is providing export credit cover.

A 20-year Power Purchase Agreement (PPA) regarding 60% of the production has been entered into with Norsk Hydro, one of the largest aluminium producers in the world. Vattenfall will provide market access, balancing and hedging services for the project.

Vestas will supply 84 of its V136-4.2 MW turbines. Vestas will also provide a 25-year service and availability agreement.

The project was advised by Mannheimer Swartling in the transaction.