Aquila European Renewables Income Fund (AERIF) has announced the bond refinancing, achieved by Øyfjellet Wind AS, for the 400 MW Oyfjellet onshore wind project in Norway.
AERIF owns 13.7% interest in the project, through its wholly-owned subsidiary. Located near the town of Mosjøen in the municipality of Vefsn, the offshore wind project includes 72 turbines type N149/5.X supplied and installed by Nordex Group. Once the Oyfjellet project is completed in 2021, the company will be also responsible for the maintenance of the wind turbines during the period of 20 years.
Bond refinancing consists of EUR235 million (USD275.4 million) of US private placement (USPP) and EUR80 million (USD93.75 million) of green bonds, with a total issuance of EUR315 million (USD369.12 million). The refinancing is expected to increase the economic return of the project and will be used to fund remaining construction and other project costs, repay the bridges provided by project shareholders and return surplus capital to project shareholders.
The Government of Norway has announced it will be opening two areas in the North Sea for offshore renewables, including offshore wind power with a capacity for 4.5 GW of wind power. This means it will be possible to submit license applications for offshore wind power projects.
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Aquila Capital has acquired all shares in Øyfjellet Wind AS, which holds the rights to establish wind farm Øyfjellet with a capacity of 400 MW.
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Norsk Vind Energi AS (NVE) has submitted plans to the Norwegian Water Resources and Energy Directorate for the development of the Hordavind wind farm in Nordhordland. The size of the project is 1,500 MW and is expected to have annual power production of more than 5.4 TWh. This corresponds to the energy consumption of over 300,000 households. If approved, Hordavind will be one of Europe's largest wind farms. The government will prepare the basis for the environmental assessment for the proposed wind farm which, NVE hopes be carried out this summer.
Read moreArdian has announced that it is investing EUR300 million (US$341.3 million) in a wind project in Sweden as part of the launch of a new investment platform for sustainable energy in the Nordic region.
Read moreUNITECH Offshore has announced that it has entered into an agreement with Equinor to take over the Hywind Demo floating wind turbine located off the coast of Karmøy, located in Rogaland county, south-west Norway.
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