Germany-based renewable energy investments asset manager Luxcara has obtained long-term financing for the 111.2MW Egersund onshore windfarm in Norway.
The financing is being provided by a banking syndicate comprising Swedish financial group Skandinaviska Enskilda Banken (SEB) and German financial services company KfW Ipex Bank.
Luxcara's managing partner Dr Alexandra von Bernstorff said: “We are pleased to be well on schedule with Egersund. In concluding financing, we have successfully completed another important stage.
“Our many years of experience and extensive network have made a significant contribution to rapidly advancing this project for our investors.
“When the first turbines are commissioned in June 2017, the windfarm will already start feeding electricity into the grid and delivering a return on investment for our investors.”
Located on the southwest coast of Norway, the Egersund onshore windpower facility was acquired by Luxcara in December 2015 for the portfolio of the sub-fund ‘Solar and Wind’, which was launched in September 2015.
In November last year, the company concluded a long-term power purchase agreement (PPA) for the project with Swiss utility Axpo Nordic. It will be installed with 33 wind turbines with a capacity of 111.2MW and will gradually commence operations.
Currently, the company manages a portfolio of photovoltaic (PV) solar and windpower projects in Great Britain, Germany, Italy, France, and Scandinavia, with a total installed power generation capacity of approximately 600MW.