NIB loan for 146 MW onshore wind farm in northern Sweden

NIB and Swedish Klev Wind AB, a special purpose vehicle owned by Renewable Power Capital (RPC) and backed by the Canada Pension Plan Investment Board (CPPIB), have agreed on a five-year EUR 44 million loan. The loan will enable RPC to acquire the Klevberget wind farm, support the construction and operation of the 146 MW onshore wind project 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 renewable energy developer OX2 is constructing the Klevberget wind farm and will, once commissioned, be responsible for the technical and commercial management of the wind farm. GE Renewable Energy is suppling 24 Cypress onshore wind turbine units for the Klevberget wind farm project and will be responsible for its operation and maintenance. The overall enterprise value was EUR 190 million, with a total debt quantum of EUR 131 million.

“Climate action requires consistency and NIB is committed to progress this critically important mission and support the green transition. The Klevberget wind farm project will generate more affordable and sustainable renewable energy to Sweden, supporting the country in reaching its determined decarbonization targets,” says André Küüsvek, NIB President and CEO.

Sweden targets to cut greenhouse gas emissions 59% by 2030 compared with 2005, and to attain a net-zero carbon economy by 2045.

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. www.nib.int

For further information, please contact
Bo Nordberg, Director, Infrastructure & Project Finance, +358106180395, Bo.Nordberg@nib.int

Arild Moen, Associate Director, Communications, +358 10 618 0496, arild.moen@nib.int