March 19 (Renewables Now) - Asset managers Luxcara GmbH and MEAG have initiated and structured a project bond to finance two wind farms as part of a 294-MW wind cluster in Southern Norway, they announced on Monday.
The pair said in a statement that a lower three-digit million euro amount of project bonds have been privately placed with investors of MEAG’s parent -- Munich Re (FRA:MUV2), as well as with Austrian insurer UNIQA and one further European insurance group. At the same time, equity is provided by a renewable energy fund for institutional investors that is advised by Luxcara.
Deutsche Bank acted as financing agent and security agent for the project bond.
As announced in May 2018, Siemens Gamesa Renewable Energy SA (BME:SGRE) will supply 4.2-MW OptimaFlex turbines for the Bjerkreim cluster. In addition to 76-MW Skinansfjellet and 63-MW Gravdal, the complex also includes the 155-MW Eikeland-Steinsland project, which benefits from a similar financing.
US social networking major Facebook (NASDAQ:FB) will be buying the output of the three wind parks under a 15-year deal to power its Nordic data centres.
“We are already looking forward to realizing more attractive debt financing solutions of solar and wind projects in the near future,” commented Marc Brehm, managing partner of Luxcara.