Enlight has completed a €300m financing package to build the 372MW Björnberget wind farm in Sweden.
The Israeli developer has secured the cash from three lenders: DekaBank, KfW IPEX-Bank and the Swedish Export Credit Corporation (SEK).
Financing agreement include a long term-facility of €210m and additional facilities for guarantees, debt service reserve and VAT payments in a total amount of €90-95m.
A total of 60 of the latest generation Siemens Gamesa wind turbines, which feature the largest rotor diameter currently available in the onshore wind market, will be installed on the site.
The project company signed an agreement with a tier 1 global technology company to sell 50% of the wind farm’s electricity production for the first 10 years as part of a power purchase agreement.
Enlight’s share in the project is 61% – direct holding of 51% and another 10% through its investment in the Prime Green Energy Infrastructure Fund, which holds the remaining 49%.
The Björnberget wind farm is one of the largest onshore wind farms to begin construction in Europe over the last year and is expected to reach commercial operation until the end of 2022.
Enlight chief Gilad Yavetz said: “The financial close of our large-scale project in Sweden is another milestone for Enlight in becoming a leading global player in the renewable energy sector.
“We see great demand for green energy and ESG related investments and we believe that Enlight and our projects, will continue to serve as an excellent investment platform for investments of that kind.”