Sweden. Kölvallen Vind AB

Date of agreement:25 Oct 2022
Customer:Kölvallen Vind AB
Amount in EUR:EUR 50.15 million
Maturity:4.5 years
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 10.4 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


NIB has provided the loan to finance the 277-megawatt (MW) wind farm, located in Ljusdal, Gävleborg in the northern part of Sweden.

The project consists of 42 high performance wind turbines as well as the associated civil and electrical infrastructure. The models used in the wind farm have one of the lowest Levelised Cost of Electricity (LCoE) among available onshore wind turbines.

The wind farm is expected to commence commercial operations in February 2025.

The project has been developed by Arise AB, a Swedish renewable energy developer with a project pipeline of over 2,300 MW. As of July 2022, 91% of the project has been acquired by Foresight Energy Infrastructure Partners (“FEIP”), Foresight Group’s flagship energy transition fund. The Borrower, Kölvallen Vind AB, is an SPV established for the purpose of developing and operating the project.

Fulfilment of NIB's mandate


The project adds 277 MW of wind power capacity to the SE2 price area in Sweden. Compared to 2021, the wind yield forecasts estimate an increase of 7.8% in wind power and a 1.6% increase in total power production in SE2 due to the project.


Assuming that the produced renewable electricity is exported and replaces energy produced with an average carbon footprint in the European Union, the avoided greenhouse gas emissions associated with the project amount to 273,000 tonnes of CO2 per year.

Impact indicators in relation to the investments:

  • Construction cost
  • Wind power penetration in SE2 area
  • Median hourly difference in system price and SE2 area
  • Added wind energy generation
  • Added wind energy generation capacity

Sustainability summary

The construction has received all the necessary permits and complies with the environmental requirements. The project is aligned with the EU taxonomy.

Press release

NIB finances a major wind park in Sweden

Press release

NIB finansierar en stor vindkraftspark i Sverige