Finance from foreign banks in place for Havsnäs 95 MW

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RES Scandinavien AB is set to start building the 95.4 MW Havsnäs plant in the north-western Swedish province of Jämtland, by far the largest embarked upon in Sweden and the first to be entirely financed from outside the country. Equity for the SEK 1.75 billion (EUR 186 million) project is being provided by Britain's Hg Capital, with SEK 1.25 billion (EUR 109.7 million) in loans coming from Germany's Commerzbank and NordLB banks as well as from the Dutch ING bank. Hg Capital says it has now invested in 30 wind projects. Delivery of the Vestas 2 MW machines for Havsnäs is scheduled for next year and project completion in winter 2009-2010. RES planned to break ground on foundation work last month. Havsnäs is expected to generate 260 GWh annually. In March ES completed its first Scandinavian wind project, the 10 MW Hornberget facility, also with Vestas 2 MW turbines. Still on the RES drawing board are the 10 MW Håcksta project, scheduled to break ground this summer, and five other projects, four in Sweden and one in Norway, still in the permitting process. RES Scandinavien recently acquired the last shares held in it by Swedish company Borevind AB and is now a wholly owned subsidiary of Britain's Renewable Energy Systems.

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