ING finances 57-MW Finnish wind farm to power Google
Vestas V126-3.3 MW, in Denmark , Photo by Vestas. All rights reserved.
ING Bank, part of ING-DiBa AG in Germany, has arranged project financing of up to EUR 70.6 million (USD 80.5m) for a 57.3-MW wind farm in Finland that will supply power to Google.
The funds are for the Lakiakangas wind farms of Germany company CPC Germania GmbH & Co KG, which has a 10-year power purchase agreement (PPA) with the Internet giant, international law firm Allen & Overy, which together with Borenius Attorneys LLP advised ING on the transaction, said Wednesday. Two Vestas V126 of 3.45 MW each are already operational and 12 V150 machines of 4.2 MW each are under construction.
ING Bank arranged the financing and ING Bank NV acted as facility agent, security agent and hedging bank. All are part of Dutch financial services major ING Groep NV (NYSE:ING).
The wind farm will not rely on any government subsidies. Allen & Overy partner Norbert Wiederholt said that the future of renewables in Europe lies in similar PPA deals and the law firm expects more to be announced.
Borenius Attorneys LLP provided Finnish law advice.
Google said in September it had signed PPAs to buy electricity from three wind farms in Finland with a combined capacity of 190 MW, by developers CPC, Neoen and WPD. The wind capacity will be added to the grid that feeds power to Google's data centre in Hamina.