Natural Power has delivered technical due diligence for the €180m refinancing of a Swedish wind farm.
Natural Power worked on behalf of Cloud Snurran, a joint venture between Red Rock and CapMan, for the refinancing of the 241MW Overturingen wind farm.
The company delivered detailed reviews of all contracts, service and availability agreements and asset management agreements, grid connection agreement and the Norsk Hydro and NEAS power purchase agreement.
It also provided a review of the existing turbine supply and balance of plant agreements plus in-depth analysis which will contribute to the joint venture’s efforts to further optimise the wind farm.
These included eviews of the asset integrity, design and technology, a high-level life extension analysis, energy yield analysis review, a review of any environmental issues and a financial model review.
The work was led by Natural Power’s team in France.
Natural Power due diligence director Giles Dearden said: “We continue to support clients throughout the Nordic region and have built-up considerable experience here throughout the years.
“As a provider of high-quality and detailed project analysis and portfolio due diligence studies, we routinely apply our wind resource, energy yield prediction and site assessment expertise on behalf of developers, utilities, financial institutions, vendors and prospective purchasers, and are delighted to continue growing our global knowledge-base.”
Overturingen is an operational, 56-turbine wind farm situated across two sites, Lansterhojden and Storflotten in Ange, central Sweden, and connects to the Rätan Power Station in Berg district of Jamtland.
It covers approximately 40 sq km within a commercial forestry region, with elevation ranging 451-552 metres above sea level.
The development commenced commercial operation in December 2020.
It has a 29-year PPA with Norwegian aluminium producer, Norsk Hydro, as well as a 10-year PPA with NEAS energy for the remaining generation, powering around 40,000 homes.
The new consortium of lenders comprises of DekaBank, NatWest, NordLB and Bank of China.