Green Investment Group (GIG) has reached a financial close on €270m of total funding for the 235MW Overturingen wind farm in Sweden to be developed alongside SCA Energy.
The Overturingen wind farm will be owned 100% by GIG, the specialist green energy principal investment business of Macquarie Group.
Macquarie Capital (Europe) as the financial adviser to the sponsor on the project, raised €160m of senior debt from Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and KfW IPEX-Bank (KfW).
While Denmark’s Export Credit Agency (EKF) is offering export credit cover, NEAS Energy, a part of Centrica will provide balancing and hedging services for the Swedish wind farm.
GIG said that the main construction at the project location is slated to begin very soon and is likely to be completed by December 2019.
The Overturingen wind farm will be built at Länsterhöjden and Storflötten in the Ånge Municipality of Västernorrland in central Sweden.
It will feature 56 wind turbines, each of 4.2MW capacity that will be supplied by Siemens Gamesa. The Spanish turbine manufacturer had also committed to offer operations and maintenance services through a 25-year agreement to the Swedish wind farm.
GIG said that it has commercialized, structured and financed the Swedish wind project in partnership with SCA from the development stage to financial close. Included in this is origination and structuring of a 29-year fixed-volume agreement with aluminum company Norsk Hydro.
GIG Europe head Ed Northam said: “The Överturingen project demonstrates our capability as a development partner, successfully bringing permitted projects forward to financial close.
“By working closely with SCA, Siemens Gamesa and Norsk Hydro, we were able to establish the partnerships needed to convert a development opportunity into a market-leading project under construction.”
The Overturingen wind farm is the second Swedish onshore project to be supported by GIG in the space of 12 months after the 650MW Markbygden Ett onshore wind farm in northern Sweden where construction is currently going on.
GIG reached financial close on the Markbygden Ett wind farm with GE Energy Financial Services (GEEFS) in last November.