Sweden. Klev Wind AB
|Date of agreement:||27 Jun 2022|
|Customer:||Klev Wind AB|
|Amount in EUR:||EUR 44 million|
|NACE sector / loan type:||Production and distribution of electricity|
This loan contributes to climate change mitigation: 100%
Financing from NIB Environmental Bond proceeds
NEB-eligible share: 100%
NEB category: Renewable energy generation
Amount disbursed: EUR 43.6 million
Note: For loans in other currencies than EUR, the equivalent in EUR is based on the exchange rate effective for the disbursement. Read more about the NIB Environmental Bonds
The loan has been provided for Klev Wind AB, a special purpose vehicle owned by Renewable Power Capital, backed by the Canada Pension Plan Investment Board, to finance the construction and operation of a 146 MW onshore wind farm near Sundsvall, northern Sweden.
The Klevberget wind farm consists of 24 wind turbines, each with a capacity of 6.1 MW. Construction of the wind farm began in February 2022 and the wind farm is planned to commence operations during the second half of 2023. The overall enterprise value was EUR 190 million, with a total debt quantum of EUR 131 million.
Fulfilment of NIB's mandate
The project adds renewable electricity production capacity for Sweden and through cross-border interconnections also for surrounding countries.
All permits required by the project are in place. The windfarm construction is ongoing, and a grid connection is also under construction.
The Klevberget wind farm consists of 24 wind turbines (GE 6.1 MW-158), each with a capacity of 6.1 MW.
Expected impact of the investment:
- Added wind energy generation capacity: 146 MW
- Avoided greenhouse gas emissions: 120,000 t CO2e/ annually.
The project adds renewable electricity production capacity and is fully aligned with the EU Taxonomy criteria.
The project is assessed to have a significant visual impact on the surrounding landscape. However, the turbines will not be in nationally valuable landscape areas or in areas of valuable cultural environment. The project is not assessed to have any impact on nature protection areas.
The area is not actively used as grazing area for reindeers, but the local Sami people can continue to utilise the area as back-up area for grazing.