Financial close of USD364 million achieved for 372 MW Onshore wind farm in Sweden

Enlight Renewable Energy announced that the 372 megawatts Björnberget wind farm located in central Sweden has achieved financial close.

The onshore wind farm has completed the financing of EUR 300 million (USD364 million) with a consortium of three lenders: DekaBank, KfW IPEX-Bank and the Swedish Export Credit Corporation (SEK).

The funding of the project, with an estimated cost of EUR 430-440 million (US$535 million), will be provided through non-recourse project financing. The financing agreement includes a long term-facility of EUR 210 million (US$255 million) and additional facilities for guarantees, debt service reserve and VAT payments in a total amount of EUR 90-95 million (US$ 109-115 million).

The project company signed an agreement with a tier 1 global technology company to sell 50% of the windfarm's electricity production for the first 10 years as part of a power purchase agreement (PPA).

Enlight Renewable Energy's share in the project is 61% - direct holding of 51% and another 10% through its investment in the Prime Green Energy Infrastructure Fund, who holds the remaining 49%.

The Björnberget wind farm is one of the largest onshore wind farms to begin construction in Europe over the last year and is expected to reach commercial operation until the end of 2022.