Financing structured for Norwegian project

NORWAY: Asset managers Luxcara and MEAG have structured financing for a Norwegian wind farm due to sell power to Facebook.

Facebook will buy power from the Bjkerkreim wind cluster to power one of its data centres

Project bonds worth "a lower three-digit million euro amount" have been placed with investors of the Munich Re group, for which MEAG manages assets.

Meanwhile, Luxcara is advising a renewable energy fund for institutional investors providing equity for the 155.4MW Eikeland-Steinsland wind farm in south-west Norway.

Munich Re’s Corporate Insurance Partner has also arranged an insurance package for the project.

The 37-turbine project is part of a 294MW wind cluster owned by Luxcara and being developed by Norsk Vind Energu that will feature 70 of Siemens Gamesa’s SWT-4.2-130 direct drive turbines.

Social media giant Facebook has signed a deal worth approximately €400 million to buy output from the Bjerkreim cluster to power one of its data centres.

Commissioning is expected by the end of 2019.

Eikeland-Steinsland is the largest wind farm in the complex, which also features the 63MW Gravdal and 76MW Skinansfjellet sites.