KfW IPEX, the state owned development bank in Germany, and Sweden-based Skandinaviska Enskilda Banken (SEB) will together provide €84.5m in loan for sub-project Skogberget in Sweden.
The sub-project, which will employ 36 units of Enercon’s E-92 wind turbines, is expected to have an installed capacity of around 84.6MW.
Commenting on the transaction,KfW IPEX-Bank managing director Markus Scheer said that the wind power project being financed is a flagship project in the growing market for renewable energy in Sweden.
SEB Asset and Export Finance Project head Christoph Tomas said, "Supporting German enterprises in their export business and financing projects aimed at protecting environment and climate, is an integral part of both bank’s business spectrum."
The Skogberget project is part of Svevind’s Markbygden venture, which is expected to increase its capacity to 4,000MW by 2021. This project is anticipated to cater to around 8% of Sweden’s electricity demand.