“Renewable Power Capital secures funding for Swedish wind projects.”

By Oliver Townsend May 22, 2024
Renewable Power Capital closes financing of Swedish onshore wind portfolio.jpegOrginal image from: https://www.energyglobal.com/wind/22052024/renewable-power-capital-closes-financing-of-swedish-onshore-wind-portfolio/

Renewable Power Capital recently closed a significant long-term financing deal of €555 million for its 553 MW onshore wind portfolio in Sweden. This financing, provided by a group of experienced lenders, is one of the largest in Europe for a greenfield onshore wind portfolio. The Mandated Lead Arrangers for this deal were CIBC, Danske Bank, Export Development Canada, NatWest, and NordLB, with Apex acting as the Facility and Security Agent.

Impressive Milestone for RPC

This marks RPC’s first long-term facility that covers both the construction and operation of a portfolio, representing a positive step forward for RPC’s flagship Swedish onshore wind cluster. The portfolio consists of four wind farms in the Kramfors and Sollefteå municipalities, currently under construction. Once completed, these projects will provide green power to approximately 182,000 households.

Notable Power Purchase Agreements

RPC recently secured a 10-year power purchase agreement (PPA) with Procter & Gamble for the 140 MW Sörlidberget wind farm within this portfolio. This is the fourth PPA signed for the cluster, with agreements already in place with LyondellBasell and Ardagh. Almost all the renewable energy generated by this portfolio has already been contracted, showcasing the strong demand for green energy.

Strategic Investments and Partnerships

RPC has also made significant strides in expanding its wind portfolio by ordering 80 Nordex turbines for this cluster. The turbines are expected to be delivered and installed by the spring of 2025, with operations commencing between the fourth quarter of 2025 and the first quarter of 2026. The company was advised by Augusta & Co, Herbert Smith Freehills, and Roschier, demonstrating a robust support system for its strategic investments.

Expert Insights and Comments

Sylvain Delion, Managing Director at RPC, expressed excitement about this major investment, emphasizing the company’s commitment to long-term stable returns. The successful closing of this financing reflects RPC’s expertise and progress in the renewables sector. Romane Guitard, Partner at Augusta & Co, highlighted the comprehensive debt package arranged for RPC, underscoring the company’s strength as a renewable energy investor.

Continued Growth and Innovation

RPC’s latest financial deal signifies a significant milestone in its journey towards operational excellence in renewable energy. By forging strategic partnerships and securing long-term agreements, RPC is poised to drive decarbonization efforts and contribute to the transition towards sustainable energy sources.

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