2 Jul 2021
NIB finances new onshore wind farm in southern Sweden
NIB and Vindpark Hultema i Motala AB have signed a EUR 23 million loan agreement for the construction of the Hultema wind farm 30 kilometres north of Motala in the Östergötland region of Sweden.
The 20-year-maturity loan will finance the construction and installation of 11 wind turbines as well as associated civil and electrical infrastructure in the newly created wind farm.
The total installed electricity generation capacity of the project amounts to 72.6 MW. Due to grid capacity constraints in southern Sweden, however, the effective feed-in capacity will be 60 MW.
Hultema wind farm will produce 130 GWh of renewable energy annually. Assuming that the same amount of electricity would otherwise be generated from more carbon intensive sources, the project is estimated to reduce CO2 emissions by 50,000 tonnes annually.
The first commercial power supply from the wind farm is expected in 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 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.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Mr Martin Lundström, Senior Client Executive, Project Finance,
at +358 10 618 0426, martin.lundström@nib.int
Mr Vytautas Brazaitis, Communications Officer, at +358 10 618 0235, email@example.com