LUXCARA, an asset manager for renewable energy investments in Europe, has reached Financial Close for the Egersund wind farm.
A bank consortium consisting of Skandinaviska Enskilda Banken AB (SEB) and KfW Ipex Bank GmbH, provided long-term financing.
Dr. Alexandra von Bernstorff, Managing Partner of LUXCARA, said:
"We are delighted to be on the right track with the Egersund project. With the completion of the financing, we have successfully completed another important stage. Our many years of experience and our extensive network have made a major contribution to the rapid implementation of this project for our investors.
With the start-up of the first turbines in June 2017, the wind farm will already feed electricity into the grid and provide our investors with a return on investment."
LUXCARA acquired the Egersund project in the south of the Norwegian west coast in December 2015. The project comprises 33 wind turbines with a capacity of 111.2 MW will be installed, which will be commissioned step by step.
In November 2016, LUXCARA concluded a long-term electricity purchase agreement with the Axpo Nordic AS for the project.
Egersund is part of the portfolio of the "Solar and Wind" subfund launched in September 2015 by the partner company FLAVEO Infrastructure Europe SCS SICAV-FIS. The portfolio of the Renewable Energy Fund, which is accessible exclusively to institutional investors, currently includes projects with a total output of approximately 265 MW.