UK-based Renewable Power Capital (RPC) has secured €555m ($602.9m) financing to facilitate the construction and operation of a 553MW onshore wind project portfolio in Sweden.

A group of lenders provided the long-term financing, which is among the biggest in Europe for a greenfield onshore wind portfolio.

The mandated lead arrangers were CIBC, Danske Bank, Export Development Canada, NatWest and NordLB. Apex served as the facility and security agent.

The financed portfolio consists of four wind farms located in the Kramfors and Sollefteå municipalities of Sweden. All are currently under construction.

They will supply green electricity to the equivalent of 182,000 households.

RPC managing director, investment and structured finance head Sylvain Delion stated: “This portfolio is RPC’s largest investment to date, so we’re thrilled to be taking a crucial step towards operation. Closing long-term financing for our flagship onshore wind portfolio in Sweden is another major milestone in our investment and operating strategy, supporting RPC’s approach to obtain long-term stable risk-adjusted returns.

“The level of external debt raised and the complexity of the financing structure are testament to RPC’s expertise and progress as a renewables company. We’re delighted to have closed this financing with such an impressive number of partners, and we look forward to working alongside them to drive decarbonisation.”

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In April 2024 RPC disclosed that Procter & Gamble has entered into a ten-year power purchase agreement (PPA) for the 140MW Sörlidberget wind farm, which is part of the wind portfolio.

This agreement is the fourth PPA for the cluster, following three other ten-year PPAs with LyondellBasell and Ardagh.

Nearly all of the renewable energy produced by the portfolio has now been contracted.

In January 2024, RPC placed an order for 80 wind turbines from the German manufacturer Nordex for this cluster.

Nordex is scheduled to begin the delivery and installation of these turbines in the spring of 2025, with the wind farms expected to commence operations between the fourth quarter of 2025 and the first quarter of 2026.

In March 2023 RPC expanded its energy storage capabilities by forming a development partnership with Altea Green Power.

This collaboration aims to develop 1GW of battery energy storage systems in Italy, marking RPC’s entry into a new European market.