Financing structured for 155.4-MW wind project in Norway

Siemens Gamesa wind turbine. Photo taken from Siemens' website (www.siemens.com).

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.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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