Sweden. Vindpark Hultema i Motala AB

Date of agreement:30 Jun 2021
Customer:Vindpark Hultema i Motala AB
Amount in EUR:EUR 23 million
Maturity:20 years
NACE sector / loan type:Production and distribution of electricity

Financing from NIB Environmental Bond proceeds

NEB-eligible share: 100%

NEB category: Renewable energy generation

Amount disbursed: EUR 23 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 granted to finance the construction of Hultema wind farm approximately 30 kilometres north of Motala in the Östergötland region of Sweden.

The project consists of 11 wind turbines, with nominal capacities ranging from 6.3 MW to 6.6 MW, as well as associated civil and electrical infrastructure in the newly created wind farm. Estimated annual electricity generation at the wind farm is around 130 GWh.

The total installed capacity of the wind farm amounts to 72.6 MW. Due to grid capacity constraints in southern Sweden, however, the effective feed-in capacity will be 60 MW.

The wind farm is expected to commence commercial operations in March 2023.

The total project cost is around EUR 79 million. NIB’s loan is part of a recently closed financing with the German commercial banks Norddeutsche Landesbank (NORD/LB) and Siemens Financial Services through Siemens Bank. This is NIB’s first partnership with these co-lenders.

The Project has been developed by VKS Vindkraft AB, a Swedish subsidiary of the German PNE Group. Since 1990, PNE has developed more than 240 onshore wind energy projects with a total installed capacity of more than 3 GW.

The project is owned by Reichmuth Infrastruktur II KmGK, a fund managed by the Swiss asset manager Reichmuth Infrastructure, which has focused on infrastructure investments in Switzerland and Europe in the areas of renewable energy and transportation since 2012.

The Borrower, Vindpark Hultema i Motala AB, is an SPV established for the purpose of developing and operating the project.

Fulfilment of NIB's mandate


The nominal capacity of Project Monet will be 72.6 MW, with the effective capacity amounting to 60 MW, limited by the capacity of the transmission network. The project is relatively small compared to the existing wind generation capacities and corresponds to approximately 0.8% of the total installed wind generation capacity in Sweden.

Sweden has one of the lowest levels of levelised cost of energy (LCOE) for onshore wind power in Europe, meaning that the costs of electricity generation for a generating plant over its lifetime is relatively low. Sweden’s strong hydropower base can also provide some balancing for the intermittent power generated from wind.


Wind power is one of the most sustainable ways of producing electricity.

The project is estimated to generate 130 GWh of renewable energy annually. Assuming that the same amount of energy would otherwise be generated wholly or partly from more carbon intensive sources, the avoided greenhouse gas emissions associated with the project amount to 50,000 tonnes of CO2 per year.

Impact indicators in relation to the investments:

● Added wind energy generation [GWh/a]

● Added wind energy generation capacity [MW]

Sustainability summary


No major environmental issues were identified in relation to the project.


Press release

NIB finances new onshore wind farm in southern Sweden

Press release

NIB finansierar landbaserad vindkraftspark i södra Sverige