Enercon reaches fin close on 134.4-MW wind project in Sweden

Wind farm Ersträsk North in Sweden secures construction bridge financing. Image by Enercon GmbH.

June 30 (Renewables Now) - German wind turbine maker Enercon GmbH has signed a EUR-118-million (USD 124.1m) senior facilities agreement with Norway's DNB Bank ASA to finance the construction of a 134.4-MW wind farm in Sweden.

The bridge financing marks the financial close on the Erstrask North project which is currently under construction in the Markbygden area of Norrbotten County. The wind farm, consisting of 32 turbines of the type E-138 EP3 E2, is slated for full commissioning in the fourth quarter of 2023.

DNB Bank is acting as the sole mandated lead arranger in the deal, providing a term loan and VAT facility of a total of EUR 118 million based on a non-recourse structure. Both the loan and the VAT facility will be redeemed when the farm is commissioned.

Meanwhile, Enercon sold the Erstrask North project to Greencoat Renewables Plc (LON:GRP) on a forward sale basis. The Ireland-based investor already owns the neighbouring 101-MW Erstrask South wind farm which is in operation.

The Erstrask North and the Erstrask South projects are part of a large emerging renewables complex in northern Sweden, the so-called Markbygden area, which will have a capacity exceeding 3 GW.

(EUR 1 = USD 1.052)

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