London-based Renewable Power Capital (RPC) has closed a long-term operational refinancing package exceeding €115m for the 146MW Klevberget wind farm in Sweden.
The package replaces an existing short-term construction bridge loan and further contributes to a stable and future-proof capital structure across RPC’s projects.
The lenders were Nordic Investment Bank (NIB) and Danske Bank, with whom RPC has successfully strengthened existing relationships through this deal.
Danske Bank also acted as hedging bank alongside Nomura.
Klevberget (picture of another RPC wind farm in Sweden) started operations in December 2023, bringing RPC’s operational portfolio to 317MW.
This followed the announcement in May 2023 that Faurecia, a subsidiary of Forvia, signed a ten-year power purchase agreement (PPA) with RPC for almost all the output from Klevberget.
Sylvain Delion, head of investment and structured finance at RPC, said: “This is our second long-term financing agreement in Sweden this year and another major step in our operating strategy, solidifying RPC’s future capital structure.
“Arranging this innovative financing with relationship lenders and Augusta & Co as financial advisor underscores our growth as a renewable energy company.
“We look forward to continuing our work with them to drive decarbonisation and delivering green energy to Swedish households.”
Romane Guitard, Partner at Augusta & Co, said: “This transaction is a testament to Renewable Power Capital’s industry leadership.
“At Augusta, we take pride in continuously pushing the boundaries to deliver the best outcomes for our clients, and this project is no exception.”
Joachim Alpen, head of large corporates and institutions at Danske Bank, said: “A fundamental aspect of Danske Bank’s mission is to assist our clients in transitioning to a more sustainable future.
“We are proud to have supported RPC in this milestone transaction, which ensures that additional volumes of renewable energy are delivered to the Swedish grid.
“This is the second transaction on which Danske Bank has supported RPC, following on from the 553MW High Coast portfolio financing that was closed earlier this year.”
Jeanette Vitasp, head of lending at NIB, said: “NIB’s long-term financing for Klevberget is in line with our strategy to accelerate the green transition and supports Sweden in reaching its climate goals.
“We are glad to see that the wind farm is now fully operating and contributing to the production of clean energy production in our region.”