Renewable Power Capital secures financing for 146-MW Swedish wind farm

Klev Wind AB, a special purpose vehicle owned by Renewable Power Capital, secured financing to acquire and build a 146-MW onshore wind farm in Sweden.

The company signed agreements for a five-year €44 million loan to acquire the Klevberget wind farm from developer OX2 AB (publ) and €130.7 million in bridge financing for its construction, according to June 30 news releases.

Nordic Investment Bank provided the loan and was mandated lead arranger with Kommunalkredit Austria AG and Generali Global Infrastructure for the bridge financing. Kommunalkredit also acted as structuring bank and bookrunner in providing the bridge financing, according to a June 30 news release.

OX2 is constructing the Klevberget wind farm near Sundsvall and will be responsible for technical and commercial management upon its expected completion during the second half of 2023. The wind farm will consist of 24 wind turbines from GE Renewable Energy.

"The Klevberget wind farm project will generate more affordable and sustainable renewable energy to Sweden, supporting the country in reaching its determined decarbonization targets," said NIB President and CEO André Küüsvek. Sweden aims to cut greenhouse gas emissions 59% by 2030 compared with 2005, to achieve a net-zero carbon economy by 2045.

Renewable Power Capital recently reached an €800 million deal to acquire 528 MW of other planned onshore wind projects in Sweden. The deal includes the commitment of capital required for the construction of the Knäsjöberget, Sörlidberget, Vitberget and Storhöjden projects.

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