May 30 2013
Private equity infrastructure specialist Platina Partners LLP (Platina) and leading Swedish onshore wind developer Arise Windpower AB (Arise), will later today celebrate the official opening of the €336 million Jädraås wind farm at an event at the site. At 200MW, the development will be the Nordics largest onshore wind project and one of the biggest in Europe.
The wind farm utilises the Vestas V112 turbine which stands at a height of 175 metres, currently the tallest commercial onshore wind turbine. The 66 turbine project was constructed on time and on budget in a period of less than 18 months, and will generate sufficient electricity to power 150,000 homes.
Equity finance for the project was provided 50% by Arise and 50% by Platina, from Platina Energy III LP and a dedicated structure through which Eurofideme 2 invested. Debt financing was led by DNB with additional funding from Skandinaviska Enskilda Banken and, through an innovative funding package, PensionDanmark, whose stake was guaranteed by the Danish Government-backed EKF.
The project is the first time that a pension fund has been involved in the debt financing of a renewables development in a merchant power market and has created a template for other wind projects.
Jädraås will take advantage of Sweden’s green certificate program through which the Government aims to generate 49% of its electricity from renewable sources by 2020, up from 39% in 2005. This includes a target of 4.5GW from onshore wind developments.
Commenting Emma Collins, a Managing Partner in Platina’s Energy team, said: “Today is a landmark day for Platina. The fact that we have completed the construction of Jädraås on time and on budget is testament to the skills of our project team and those of our partners Arise.
“As the largest wind farm in the Nordics this project is important for Sweden, providing a meaningful step towards its 2020 renewables targets. Jädraås has also created a model which allows pension funds to invest in this asset class with confidence and we have now seen other pension funds enter the market using similar structures.”
Peter Nygren, CEO of Arise Windpower AB said: “We are pleased to announce that together with Platina Partners, we managed to realise a challenging project of this magnitude on time and within budget. I would like to thank the Arise project management team, our partner and suppliers for an excellent performance to secure a successful project.
“This project is an important step for Arise to realise our ambition to be one of the leading windpower companies in Sweden.”
The Jädraås windfarm is located 220km to the north of Stockholm, close to the town of Gävle.
Source: http://www.platinapartners.com