EIP refinances 350-MW Nordic wind farm portfolio

Zurich-based investment firm Energy Infrastructure Partners (EIP) has successfully refinanced its majority-owned Hermod group of onshore wind farms in the Nordics totalling 350 MW, the company announced on Thursday.

EIP said that its team has established a long-term private placement of senior secured notes with a tenor of almost 24 years for the purpose of refinancing this wind portfolio.

“Given the current market conditions – rate hikes on both sides of the Atlantic, as well as ongoing political and macroeconomic uncertainties – our team was able to keep margins stable while providing investors with very attractive overall refinancing terms. The innovative structure will deliver the group a stable capital structure for more than two decades,” said Tim Marahrens, Co-Head of Investments.

The Hermod group comprises five wind parks located in Finland, Norway and Sweden. All of them benefit from long-term off-take agreements with investment-grade counterparties. Investment vehicles managed by EIP hold a combined 80% interest in the group and Finnish utility Fortum co-owns the assets.

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