The Marguerite Fund has raised €29.25 million (US$34.54 million) of 15-year non-recourse debt from German bank Norddeutsche Landesbank (NORD/LB) for the construction of its all-equity acquisition of the 46.8MW Grimsås onshore wind project in Sweden. It acquired the project from Element Power and Kraftö Vind on June 15, 2017.
Construction of the wind farm is under way according to plan with foundations currently being installed by civil contractor, Svevia. Thirteen 3.6MW-130m wind turbines are set to be erected by Siemens Gamesa starting in spring 2018. The project will connect to the local distribution grids of E.ON and Vattenfall.
A 12.5-year PPA for the project was signed in June. In December a 10.5-year EPA was signed with NEAS Energy. These two long-term off-take contracts provide downside protection and cash flow visibility for the project thus enabling the Marguerite Fund to raise non-recourse debt on attractive terms while retaining upside on future commodity prices.
Marguerite was advised by Watson Farley & Williams and Setterwalls on the debt raise while NORD/LB was advised by DLA Piper, Mott MacDonald, Deloitte and Marsh.
Infranode has achieved final closing on its first fund reaching SEK4.45 billion (US$524.68 million) with AP4 joining an already strong group of local pension funds and the European Investment Bank (EIB). The capital will be invested long-term in Nordic infrastructure.
Read moreFontavis, a Swiss asset manager within the energy and infrastructure field, has signed a purchase agreement with OX2 for six turbines at Stigshöjden with a total output of 21.6 MW.
Read moreGE Energy Financial Services and Green Investment Group have jointly acquired the project from Svevind and invested more than €300 million in equity to finance the wind farm. For GE, it represents GE Capital's strategy to invest in and structure financing solutions in support of GE in key global growth markets.
Read moreFalck Renewables S.p.A. has entered into an agreement with E.ON Wind Sweden AB (part of the E.ON Group) for the acquisition of 100% of two limited liability companies (Åliden Vind AB and Brattmyrliden Vind AB).
Read moreArise has exercised its option right to acquire the 115 MW Svartnäs wind farm from Bergvik Skog AB. Subsequently, Arise has entered into an agreement with a fund managed by BlackRock, the world’s largest asset manager, for the sale of the project.
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