A joint venture of Red Rock Power and CapMan Infra has completed €180m refinancing of its 241MW Overturingen wind farm in central Sweden.
The new consortium of lenders comprises of DekaBank, NatWest, NordLB and Bank of China.
Macquarie Capital advised Red Rock Power and CapMan Infra on the transaction.
The 56-turbine project (pictured) has been operational since December 2020. It has a 29-year power purchase agreement with Norwegian aluminium company, Norsk Hydro for the majority of its generation.
Red Rock chief financial officer Shi Weifei said: “The refinancing of Overturingen was one of our strategic priorities following our acquisition of the project in December 2020.
“Optimising the project’s capital structure allows us to focus our financial resources on continuing to expand our portfolio of projects and partnerships across Europe.”
CapMan Infra partner Harri Halonen said: “We are very pleased to complete this refinancing, which secures the continued generation of over 800GWh of carbon-free electricity per annum.
“We look forward to work with the incoming consortium of lenders DekaBank, Natwest, NordLB and Bank of China, as well as continue the optimisation of the project with our partner Red Rock Power.”
Macquarie Capital managingdDirector Sylvain Delion said: “The new debt structure draws on the strength of Overturingen’s long-term corporate power purchase agreement and O&M agreement, putting it on a strong and stable footing for the future.”