Luxcara, one of Europe's leading asset managers for renewable energy investments, and MEAG, the asset manager of Munich Re and ERGO, have initiated and structured a project bond to finance the wind farms Skinansfjellet und Gravdal in Norway.
Similar to the financing of the wind farm Eikeland-Steinsland in July 2018, a lower three-digit million euro amount of projects bonds has been privately placed with investors of the Munich Re group, the Austrian insurance company UNIQA and one further European insurance group. Equity is provided by a renewable energy fund for institutional investors, which is advised by Luxcara.
The wind farms Skinansfjellet and Gravdal are located in windy Southern Norway and belong to the Bjerkreim cluster, which Luxcara acquired in 2016. The Bjerkreim cluster has a capacity of 294 MW. The financing is based upon a 15-year power purchase agreement (PPA) with Facebook.
Luxcara and MEAG jointly structured the financing. Acting as the arranger, MEAG represents Munich Re's institutional investors. Luxcara was advised legally by Norton Rose Fulbright and MEAG by White & Case LLP. The financing of the wind farm benefits from an insurance package which has been structured by Munich Re's Corporate Insurance Partner. Furthermore, Munich Re's inhouse technical advisor Hartford Steam Boiler Inspection and Insurance Co. (HSB), Connecticut has been employed in the technical due diligence.
As announced in May 2018, Siemens Gamesa Renewable Energy SA (BME:SGRE) will supply 4.2-MW OptimaFlex turbines for the Bjerkreim cluster. In addition to 76-MW Skinansfjellet and 63-MW Gravdal, the complex also includes the 155-MW Eikeland-Steinsland project, which benefits from similar financing.
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