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Platina and Arise open Nordics largest onshore windfarm

At 200MW, the development will also be one of the biggest in Europe, according to the companies.

By Josie Le Blond

The Jädraås wind farm, located 220km north of Stockholm, utilises the 175-metre-high Vestas V112 turbine - currently the tallest commercial onshore wind turbine. The 66-turbine project will generate sufficient electricity to power 150,000 homes, said Platina.

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, said Platina.

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.

Platina said 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.

“As the largest wind farm in the Nordics this project is important for Sweden, providing a meaningful step towards its 2020 renewables targets,” said Emma Collins, a Managing Partner in Platina’s Energy team. “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.”
 

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