NTR has announced the EUR115 million financial close of its 86 MW Norra Vedbo wind farm located in the county of Jönköping, in Southern Sweden.
Reichmuth Infrastructure II CIP joins as co-investor into the project alongside NTR’s Renewable Energy Income Fund II, while Skandinaviska Enskilda Banken AB (SEB), is providing debt finance.
Rosheen McGuckian, CEO, NTR, says: “We are delighted to welcome Reichmuth Infrastructure as co-owners of the Norra Vedbo project, having the same ambition as ourselves to construct and operate quality renewable energy projects in order to address the urgency of the European energy transition. We are equally delighted to work with SEB, Sweden’s leading structured finance bank, as providers of the debt facility for the project.”
The Norra Vedbo project consists of 20 Vestas V150 turbines, each with an installed capacity of 4.3 MW and once operational, it is estimated that the project will produce enough clean power to serve the annual consumption of c44,000 households. The project is expected to enter operations in Q4 2022 and NTR has signed a ten-year clean energy power purchase agreement for the project.
Niclas Wyss, Head of Infrastructure Investment of Reichmuth, says: “As a specialised asset manager in private infrastructure, we are looking for sustainable and responsible investment solutions with attractive and stable returns. We are delighted to provide to our clients an attractive, long-term investment opportunity in Norra Vedbo wind farm. We are pleased to partner with NTR, an experienced and well-established renewables developer and investor, sharing the same vision and values as us, and jointly contributing to Europe’s “Green Deal” initiative of reaching climate neutrality by 2050.”
Having brought the project through its development stage to this important milestone, NTR will manage both the construction and continued operations of the project on behalf of both the NTR and Reichmuth funds. Once operational, Norra Vedbo brings to 165 MW of wind managed by NTR in the Swedish market.
EY acted as financial advisor to NTR on the co-investment transaction. Legal advisors on the transaction to NTR were DLA Piper, while advisors to Reichmuth Infrastructure and SEB were Bird & Bird and Mannheimer Swartling.
