Asset managers Luxcara GmbH and MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH jointly structured financing for the Skinansfjellet and Gravdal wind farms in Norway.
The financing involves the private placement of a lower three-digit million euro amount of project bonds with investors of the Munich Re group, Austrian insurance company UNIQA and another European insurance group. Equity is provided by a renewable energy fund for institutional investors advised by Luxcara, according to a March 18 news release.
The wind farms belong to the 294-MW Bjerkreim cluster, which Luxcara acquired in 2016. Luxcara said the financing is based upon a long-term power purchase agreement with Facebook Inc.
Luxcara, an asset manager for renewable investments, hired Norton Rose Fulbright as legal advisor. MEAG, the asset manager of Munich Re and ERGO, tapped White & Case LLP as legal advisor.