NIB Nordic Investment Bank

Loan

Sweden. Skellefteå Stadshus AB

Date of loan: 19 Dec 2014
Country: Sweden
Customer: Skellefteå Stadshus AB
Amount in SEK: SEK 450 million
Amount in EUR: EUR 48 million
Maturity: 10 years
NACE sector / loan type: Electricity, gas, steam and hot water supply

Sectors

Energy and environment

Financing from NIB Environmental Bond proceeds

Share of financing: 100%

Amount disbursed: EUR 47 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

Project

The loan has been provided for financing construction costs incurred by Skellefteå Kraft AB during phases 2 and 3 of the Blaiken wind farm in the municipalities of Sorsele and Storuman in Västerbotten County, Sweden.

The development of the Blaiken wind farm has been divided into three phases. Phase 1 was completed in March 2013, and phase 2 was ready in July 2014.

The third phase is under construction and is scheduled to be completed in November 2015. The facility will then have 90 mills with a total capacity of 225 MW,making it one of Europe’s largest onshore wind farms. All wind mills have specially designed de-icing systems for arctic conditions.

The loan is also part of a long-term loan facility that allows Skellefteå Stadshus to borrow up to a total of SEK 900 million.

The Blaiken wind farm is owned by the joint venture BlaikenVind AB, held by Skellefteå Kraft AB and Fortum Oyj. After the construction of phase 3, Skellefteå Kraft will own 86.7% of the joint venture. Skellefteå Stadshus AB is a municipally-owned holding company for Skellefteå Kraft AB.

Fulfilment of NIB's mandate

Competitiveness:
The investment is estimated to increase Skellefteå Kraft AB’s annual electricity production by 370 GWh, compared to its total power production of 4.4 TWh. The increase is equivalent to approximately 3.8% of total wind power production in Sweden, and 0.3% of the country’s annual electricity consumption.

Environment:
A wind farm is one of the most sustainable ways to generate electricity. The location of the project is favourable considering the reliable winds, remote location with limited impact, and the availability of power transmission capacity.

The project contributes indirectly to lower emissions of carbon dioxide and other combustion emissions by crowding out electricity generated from fossil fuels.

Sustainability summary

The environmental impact assessment shows that the project will not have any significant negative impact on the environment.

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