KfW IPEX-Bank, DekaBank and SEK finance 372 MW Björnberget wind farm in Sweden

KfW IPEX-Bank, DekaBank and the Swedish Export Credit Corporation (SEK) are financing the construction and operation of one of Europe's largest onshore wind farms: the 372 MW wind farm “Björnberget” will be erected in Ånge, in the central Swedish province of Västernorrland, around 420 kilometers north of Stockholm. The banks are jointly providing total commitments in the amount of c. EUR 300 million for this venture with a financing tenor stretching 18 years from completion. The project is owned by Enlight Renewable Energy Ltd. of Israel and the Prime Green Energy Infrastructure Fund, managed by the German Prime Capital AG.

A total of 60 of the latest generation Siemens Gamesa wind turbines, which feature the largest rotor diameter currently available on the onshore wind market, will be installed on the site (SG5.8-170 operating in a 6.2 MW power mode). The wind turbines will be serviced under a long-term full maintenance contract with Siemens Gamesa. Construction has recently started, with completion expected in the first quarter of 2023. Project development was completed by RES Renewable Norden AB, the Swedish subsidiary of Renewable Energy Systems Holdings Ltd from the United Kingdom who remain responsible for the Balance of Plant works (subcontracting the Scandinavian civil engineering companies PEAB AB and Stenger & Ibsen Construction AB for the foundation works). RES will in addition act as commercial and technical manager for the project during its operating phase.

Under a 10-year power purchase agreement, a global technology company will purchase 50 per cent of the generated electricity.

With this financing, KfW IPEX-Bank, DekaBank and SEK are supporting the green energy transition in Sweden and the commercialization of Siemens Gamesa’s latest onshore platform.