LBBW finances two solar projects in Stadskanaal and Buinerveen

Blue Elephant Energy has signed on a EUR120 million (US$135.06 million) debt financing for the 145 MW Northern lights solar project in the Netherlands.

LBBW will finance the construction and operation of the Northernlights solar power plant. With a total capacity of 145 megawatts, the plant’s two sites in Stadskanaal (101 MW) and Buinerveen (44 MW) can cover the annual electricity requirements of 44,000 households. LBBW is the mandated lead arranger, facilitating the financing of the projects. 

Northernlights will allow the Netherlands to reduce its CO2 emissions by roughly 80,000 tons per year. Construction started in February of this year. Connection to the grid and the commencement of commercial operations are scheduled for the end of 2020.