GIG reaches fin close on 47-MW Norwegian wind project

Green Investment Group Ltd (GIG), owned by Macquarie Group Ltd (ASX:MQG), said today it has achieved financial close on its 47-MW Tysvaer wind project in Norway.

The power plant will be installed in the southern Norwegian municipality Tysvaer, within Rogaland Fylke, using 11 Siemens Gamesa turbines. The machines will be capable of producing 150 GWh of electricity per year once fully operational, or enough to cover the consumption of around 8,800 local homes.

As previously announced, the Tysvaer wind farm will be supplying power to the Norwegian smelters of French industrial group Eramet Porsgrunn, Sauda and Kvinesdal. It will operate under an 18-year power purchase agreement (PPA) running through 2038.

The Tysvaer project is part of a bundle consisting of three Nordic wind projects, the other two being the Buheii wind farm in Norway and the Hornamossen park in Sweden. All of these schemes have reached financial close, GIG said. Apart from Tysvaer, Eramet has also contracted the output of the 79.8-MW Buheii wind farm project, which GIG bought from UK-based RES Group earlier in April.

In a separate statement, GIG said that final approval from the Ministry of Petroleum and Energy (OED) for the Tysvaer project is in place. Nordisk Vindkraft will act as its construction manager.

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