HSH Nordbank is providing finance for two wind farms with a nominal total output of 26 megawatts (MW) in the Picardy region (Saint Riquier 3 with 14 MW and Saint Riquier 4 with 12 MW) for the Impax Asset Management Group. The long-term project finance amounts to a good €31 million, with refinancing done via the KfW 270 Renew-able Energies programme.
Lars Quandel, Head of Renewables at HSH Nordbank, said:
"Through this transaction we are strengthening our market position in the wind segment in France. It also enables us to intensify our collaboration with this client. We are already very well-positioned in the solar segment in France."
The Impax Management Group manages various private equity funds, including two funds which focus on projects in the renewable energies segment.
Impax NEF II had its final close in August 2011 and has €330 million of capital committed to investments in the renewable energy sector. It is now over 65% invested in a growing portfolio of onshore wind power projects, including over 250MW in construction and operation in France, Germany and Poland, as well as solar photovoltaic investments in Italy.
Impax NEF II attracted support from a number of existing and new investors, including British Airways Pension Fund, The Finnish State Pension Fund (VER), West Midlands Pension Fund, London Pensions Fund Authority, Cooperative Insurance Society and the European Investment Bank.
Impax announced in April that it closed the project financing of the Joukhaisselkä wind park in Northern Finland with Skandinaviska Enskilda Banken AB (SEB) and has completed the acquisition of the Kuolavaara-Keulakkopää wind park from Fortum and Metsähallitus.