Luxcara has issued a green bond to raise finance for its 753MW Onusberget wind project in northern Sweden.
Luxcara and MEAG have jointly advised the financing of Onusberget, which is considered to be the world’s largest onshore wind project bond subscribed by institutional investors, Luxcara said.
The mid-three-digit million bond amount was secured from a group of 17 institutional investors, including the MEAG Infrastructure Debt Funds managed by MEAG and other leading European insurance groups and pension funds.
Equity is provided by renewable energy funds, advised by Luxcara.
Deutsche Bank and Intertrust provide agency services for the project.
The proceeds will be used to fund the ongoing construction and operation of Onusberget.
Holger Kerzel, managing director and global head of illiquid assets at MEAG, said: “The financing of this wind farm meets our tough demands on returns and diversification and brings both MEAG and Munich Re Group as a whole closer to our ambitious climate targets.
“We are also pleased to help our institutional investors achieve their investment and ESG goals through investments of this kind.”
Alexandra von Bernstorff, managing partner of Luxcara, added: “We are pleased to have, once again, delivered on our proven strategy to acquire, structure and finance PPA-based renewable energy projects as a sustainable and economically attractive investment proposition for institutional investors.”