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ENGIE secures financing to build 208-MW wind farm in Norway

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ENGIE secures financing to build 208-MW wind farm in Norway

French energy giant ENGIE SA entered into a financing agreement with Swiss asset manager SUSI Partners AG to construct the 208-MW Tonstad wind farm in Norway, according to a July 2 news release.

SUSI provided financial structuring support, and SUSI Renewable Energy Fund II will hold an 80% majority interest in the project. The project debt financing package for the wind farm will be provided by German Landesbank Baden-Württemberg.

Tonstad is the latest addition to SUSI Partners' sustainable infrastructure investment portfolio, comprising 62 projects across four funds in the fields of renewable energy, energy efficiency and energy storage.

ENGIE will retain the remaining 20% stake in the wind farm and will manage the facility after completing its construction. The company said the wind farm is the largest in Norway and is a "first step for ENGIE in renewables in the Nordics."

The wind farm will host 51 turbines from Siemens Gamesa Renewable Energy, which will generate approximately 700 GWh of electricity. The project is committed to delivering power to Hydro Energi AS under a previously announced 25-year off-take agreement.

Siemens Gamesa is a subsidiary of German power and energy solutions provider Siemens AG, and Hydro Energi is a subsidiary of the Norwegian aluminum producer Norsk Hydro ASA.