August 15 (Renewables Now) - Asset managers and renewables investors Luxcara GmbH and MEAG have structured project bond financing to back a 155.4-MW wind farm in Norway that will be selling power to social networking major Facebook (NASDAQ:FB).
The partners have jointly placed project bonds in the “lower three-digit million euro amount” among investors of insurer Munich Re (ETR:MUV2), MEAG said on Tuesday. The latter manages the assets of Munich Re and ERGO, also part of the Munich Re group.
Meanwhile, Luxcara is advising a renewable energy fund for institutional investors providing equity for the construction and commissioning of the Eikeland-Steinsland wind park. Munich Re’s Corporate Insurance Partner has also arranged an insurance package for the project.
The Eikeland-Steinsland wind farm is part of the 294-MW Bjerkreim cluster of wind farms in Norway, owned by Luxcara. Norsk Vind Energi is the developer of the schemes that will use a total of 70 Siemens Gamesa turbines. Commissioning of the plants is scheduled for next autumn.
Under a contract unveiled in May, Facebook will be buying the output of the three wind parks under a 15-year deal to power its Nordic data centres.