German independent power producer Neag Norddeutsche Energie has secured bridge financing of €14m to build the Noyal-Muzillac onshore wind farm in France.
The 10.5MW project, which is located in Brittany, is scheduled to go into operation in the first quarter of 2021.
Construction of the wind farm, which will comprise three Eno Energy 126 3.5MW turbines, has already started.
Noyal-Muzillac will generate more than 29 million kilowatt-hours of electricity a year.
Neag was supported by financial advisor Capcora in the coordination of the financing process.
The financing, which was structured in the form of a French bearer bond at SPV level, was subscribed by an unnamed debt fund based in France.
For strategic reasons related to Covid-19, Neag decided to approach construction and long-term financing separately.
Neag chief executive Christian Bahringer said: “We are pleased to have secured the financing of another French wind farm in our group – a fact that cannot be taken for granted in these uncertain times.
“In addition, we are again leveraging the expertise of a debt fund for bridge financing, which has already proven to be a success factor in the past.”
Capcora managing partner Alexander Kuhn said: “Within this year, we have already been able to close a second transaction in France and are pleased to have expanded our partnership with NEAG to another country.”