Renewable Power Capital (RPC) has successfully secured a long-term operational refinancing package of more than €115m ($121.6m) for its 146MW Klevberget onshore wind farm, Sweden.
The Klevberget wind farm consists of 24 turbines and is situated near Sundsvall, in the county of Västernorrland.
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Its refinancing replaces a previous short-term construction bridge loan, ensuring a stable and future-proof capital structure for RPC’s projects.
The refinancing was facilitated by the Nordic Investment Bank (NIB) and Danske Bank. RPC has strengthened its existing relationships with these lenders through this transaction.
RPC head of investment and structured finance Sylvain Delion stated: “This is our second long-term financing agreement in Sweden this year and another major step in our operating strategy, solidifying RPC’s future capital structure.
“Arranging this innovative financing with relationship lenders and Augusta & Co as financial advisor underscores our growth as a renewable energy company. We look forward to continuing our work with them to drive decarbonisation, and delivering green energy to Swedish households.”
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By GlobalDataDanske Bank served as the hedging bank, alongside Nomura.
Danske Bank head of large corporates and institutions Joachim Alpen stated: “A fundamental aspect of Danske Bank’s mission is to assist our clients in transitioning to a more sustainable future. We are proud to have supported RPC in this milestone transaction, which ensures that additional volumes of renewable energy are delivered to the Swedish grid.
“This is the second transaction on which Danske Bank has supported RPC, following on from the 553MW High Coast portfolio financing that was closed earlier this year.”
RPC’s financial advisor for the refinancing was Augusta & Co, with legal advice from HSF and MSA.
Augusta & Co partner Romane Guitard said: “This transaction is a testament to Renewable Power Capital’s industry leadership. At Augusta, we take pride in continuously pushing the boundaries to deliver the best outcomes for our clients, and this project is no exception.”
The lenders were advised by CMS and CMS Wistrand on legal matters, Wood on technical aspects, EY on tax and model audit, and WTW on insurance.
RPC acquired Klevberget from OX2 in 2021, marking its first foray into the Swedish market.
Klevberget began operations in December 2023, increasing RPC’s operational portfolio to 317MW.
This development follows the announcement in May 2023 of a ten-year power purchase agreement with Faurecia, part of the Forvia group, for almost all Klevberget’s output.
