Neoen has announced the signature of financing for Hedet, an 81 MW wind farm in Finland, in which it will hold an 80% stake, alongside Prokon Finland which will hold the remaining 20%. KfW Ipex and SEB will provide a total of €66.5 million (US$75 million) in senior debt to the project.
Hedet is located in Närpes, in the west of Finland. The wind farm will consist of 18 Nordex N149 turbines, with capacity of 4.5 MW each, and is currently under construction. Total investment in the project is estimated at €85.4 million (US$97 million) excluding financing costs.
Google will purchase the output of the wind farm to match the consumption of its Finnish data center with renewable energy from the same grid they draw their power, under a Power Purchase Agreement lasting 10 years.
Voltiq acted as financial adviser to the company, alongside White & Case LLP and Borenius who acted as legal advisers to the company for the financing of this project. Norton Rose Fullbright LLP, for international legal aspects, and Krogerus, for local legal aspects, acted as advisers to the lenders.
