Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

Estonia

Estonia

Nordic financing behind acquisition of 24 MW OU Viru Nigula Tuulepark project

Nordic Environment Finance Corporation (NEFCO), based in Helsinki, says it will provide capital to Norway's Vardar Eurus, in which it has a 30% equity holding, to help fund the acquisition of the 24 MW OU Viru Nigula Tuulepark (OVNT) wind farm project in Estonia. A preliminary decision to proceed with the acquisition -- which is to require EUR 25.4 million in new capital -- was taken on June 1, says Vardar Eurus, which hoped to complete the transaction last month. The project management company for OVNT has a concession to build eight turbines at Nigula, which it has ordered from domestic wind turbine manufacturer WinWind. The contract includes all civil works and electrical installations for the 3 MW machines, to be installed by July 2006. Johannes Rauboti of Vardar Gruppen says the company is negotiating a power purchase agreement with state utility Eesti Energia and hopes to secure a price for the electricity of EUR 0.0552/kWh up to 2015. NEFCO says it wants to become a principal player in funding Vardar Eurus's wind projects in the Baltic states and in north-western Russia. "We envisage having a broad and good cooperation with Vardar in future years," says NEFCO's Solveig Nordstroem. NEFCO is a Nordic fund that specialises in taking minority positions in regional environmental projects. Vardar Eurus is currently building the last of eight Nordex turbines at the 18.4 MW Pakri Tuulepark, a Kyoto carbon credit project.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Monthly Events

Latest Jobs