- Press Releases
November 30 (Renewables Now) - German renewables investor and asset manager Luxcara GmbH has issued a “mid-three-digit million” bond to finance its 753-MW Onusberget wind project in Northern Sweden.
Luxcara and MEAG, the asset management arm of reinsurer Munich Re (ETR:MUV2), have jointly advised the financing, which is considered to be the world’s largest onshore wind project bond. The offered amount was secured from 17 institutional investors, including the MEAG Infrastructure Debt Funds and other European insurance groups and pension funds.
Equity for the project is being provided by renewable energy funds advised by Luxcara.
The raised funds will be allocated to the ongoing construction and operation of the Onusberget wind farm, Luxcara said. Located some 500 miles (805 km) away from Stockholm, the complex will be capable of producing power for over 200,000 Swedish homes, once up and running. It will be equipped with 137 of GE Renewable Energy’s Cypress 5.5-158 turbines and its operations will be overseen by the US manufacturer under a 25-year service contract.
Luxcara acquired the Onusberget project from German-Swedish developer Svevind in the spring of 2019. It then said its output will be sold under a power purchase agreement (PPA).