Hamburg-based independent power producer NEAG Norddeutsche Energie AG secured bridge financing of EUR14 million (US$16.52 million) for the construction of the French Noyal-Muzillac wind farm with 10.5 MW. NEAG was supported by financial advisor Capcora in the coordination of the financing process.
The Noyal-Muzillac wind farm in Brittany is scheduled to go into operation in the first quarter of 2021. The construction work has already started. After completion, France will hold more than a 10% share of the overall electricity production of NEAG Norddeutsche Energie AG. The total capacity of the three eno 126 wind turbines amounts to 10.5 MW. After its construction, the wind farm will generate over 29 million kWh of electricity per year and can thus supply approx. 6,000 households with climate-friendly electricity.
The financing, which was structured in the form of a French bearer bond at SPV level and was subscribed by a debt fund based in France.
For strategic reasons related to COVID-19, NEAG decided to approach separately construction and long-term financing. The following financing in the form of classic non-recourse project financing is as well secured.
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