Neoen has reached financial close on its 404 MW Mutkalampi wind farm, located on the border between the Central and Northern Ostrobothnia regions, in Western Finland. The wind farm will consist of 69 turbines, 6 turbines with a capacity of 4.3 MW each, and 63 turbines with a capacity of 6 MW each, all provided by Vestas.
The project will be financed by Neoen’s own capital and a EUR290 million (US$344.4 million) non-recourse senior debt facility provided by MEAG, a Munich Re company, acting on behalf of primary insurance companies of ERGO, institutional investors via MEAG, and several investment funds managed by MEAG. In addition, Neoen has also secured EUR38 million (US$45 million) in VAT funding from Swedish bank SEB. Voltiq acted as a financial adviser to Neoen, providing assistance throughout the entire process.
Total investment in the project is estimated at EUR478 million (US$567.7 million). The Mutkalampi wind farm has secured five 10-year PPA agreements with Google for 125 MW and with four other companies in the Dutch consortium (Heineken, Nobian, Philips and Signify) for 126 MW.
The start of energy production will be staggered, with a first leg scheduled to open by the end of 2022 and the second in the third quarter of 2023.
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