Sweden

Sweden

Swedish mega-project reaches financial close

Three-lender consortium lends €300 million to 372MW Björnberget wind farm in northern Sweden. The project is due online in 2022

The Björnberget wind farm will consist of 60 of Siemens Gamesa’s SG 5.8-170 wind turbines
The Björnberget wind farm will consist of 60 of Siemens Gamesa’s SG 5.8-170 wind turbines

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Sweden’s 372MW Björnberget Björnberget (372MW) OnshoreÅnge, Västernorrland County, Sweden, Europe Click to see full details wind farm – one of the largest onshore projects in Europe to begin construction in the past year – has reached financial close.

A consortium of lenders including DekaBank, KfW IPEX-Bank and the Swedish Export Credit Corporation (SEK) will provide non-recourse project financing of €300 million to the wind farm, which is estimated to cost up to €440 million in total.

The financing agreement includes a long term-facility of €210 million and additional facilities for guarantees, debt service reserve and VAT payments in a total amount of €90-95 million.

The project will consist of 60 of Siemens Gamesa’s SG 5.8-170 wind turbines, which feature the largest rotor diameter currently available onshore, at 170 metres. 

It will be built at a site in Västernorrland county in the north of Sweden.

Slated for commercial operation in late 2022, the project has a power purchase agreement in place with a global technology company for 50% of its electricity production for the first ten years of generation.

Björnberget is majority-owned by Enlight Renewable Energy through a direct holding of 51%, while Prime Green Energy Infrastructure Fund holds the remaining 49%. Enlight also owns 10% of Prime Green Energy.

"The financial close of our large-scale project in Sweden is another milestone for Enlight in becoming a leading global player in the renewable energy sector, said Gilad Yavetz, CEO and co-founder of Enlight. 

Tel-Aviv-headquartered Enlight has a 2GW portfolio of operational, under-construction and pre-construction renewable energy projects across Europe, as well as Israel.

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