Ardian, a world-leading private investment house, has signed a 20-year financing for its 286 MW “Åndberg” wind farm in Sweden. The financing is provided by KfW IPEX-Bank, which is the part of KfW Group responsible for project and export finance.
The long-term financing was secured on the back of a 10-year green power purchase agreement (PPA) with Skellefteå Kraft, one of Sweden’s largest energy producers, agreed in October 2019. The financing allows Ardian and eNordic to further optimize and secure more revenue streams for the wind farm.
Ardian Infrastructure acquired the Åndberg wind farm from OX2 in February 2019 as part of its Nordic sustainable energy investment platform, eNordic. The wind farm is relying on the latest technology, having upgraded its Nordex turbines to the 5MW class earlier this year. Following its completion in 2021, Åndberg will each year provide clean electricity in excess of 800 GWh, making it one of the largest wind farms in Sweden.
The Åndberg wind farm is one of four current wind power investments managed by Ardian’s new sustainable energy investment platform, eNordic. Earlier this year, Ardian made its first investment in Finland with the acquisition of the Lakiakangas 1 wind farm from German-based wind-power company, CPC Finland Oy.
“This agreement is the latest step in our strategy to build a leading independent sustainable energy group in the Nordic region,” said Thomas Linnard, managing director, eNordic. “The long-term financing was secured at very attractive terms despite current market conditions and high level of complexity involved, highlighting the strength of the project and our approach.”
“This project is a great example of our asset management capabilities and ability to improve our investments’ performance including financing, hedging, build-ups, and technical optimization,” said Simo Santavirta, head of asset management, Ardian Infrastructure.
“This operation highlights our continued commitment to sustainability and relentless activity as we continue to look for investment opportunities to support the sustainable energy transition in the Nordic region,” said Amir Sharifi, managing director, Ardian Infrastructure.
“KfW IPEX-Bank is firmly committed to finance innovative energy and environmental projects, and we’re pleased to support Ardian and eNordic’s Åndberg wind farm as they continue to support the sustainable energy transition in the Nordics,” said Markus Scheer, member of the management board of KfW IPEX-Bank. “It has been a real pleasure to work with their highly competent teams, and we look forward to a long-term partnership.”
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