EUR315 mn refinancing achieved for 400 MW wind project in Norway

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.