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Finance agreed for 15 MW wind farm at Nyhamn
1 July 2005
A 15 MW wind farm developed by Leovind for a site at Nyhamn is to go ahead after local investment firm Transmar agreed to finance the project. Transmar is part of a consortium of seven local companies that has taken a controlling interest in Leovind after buying the 80% of the developer owned by Alands Vindenergi Andelslag (AVA). The consortium will provide the EUR 15 million needed. "There had been doubts about Leovind's ability to raise the capital it needed to finance the project," says Leovind's Kjell Clemes, who is also managing director of Transmar. "It took some time to find an ownership solution and assemble investors." While AVA's holding in Leovind has dropped to just 20%, it retains responsibility for managing the company. The six 2.5 MW turbines to be installed at Nyhamn, due to be ordered this month, will generate enough electricity to meet 14% of the annual electricity demand of the Aland Islands. Enercon has supplied most of AVA's turbines so far.
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