KfW IPEX-Bank finances further wind energy project
Published by Lydia Woellwarth,
Editor
Energy Global,
KfW IPEX-Bank is financing the construction and operation of the northern Finnish Nuolivaara wind farm for the German project developer wpd europe GmbH and is contributing all of the debt capital as well as the necessary ancillary facilities. The wind farm with a total capacity of 96.9 MW is located north of the Arctic Circle near the Finnish town of Kemijärvi.
17 Delta4000-series N163/5.7 turbines made by German manufacturer Nordex are due to be installed. The turbines are cold-climate versions and equipped with an anti-icing system, making constant operation and high yearly energy yields possible despite the challenging climatic conditions. Nordex is responsible for both the supply and the maintenance of the turbines. It is wpd’s fourth joint project with Nordex in Finland.
“We are pleased to be assisting wpd europe with this wind farm and, in this way, to be jointly contributing to the energy transition”, explained Markus Scheer, member of the Management Board of KfW IPEX-Bank. “This type of project, which makes use of state-of-the-art turbines by German manufacturer Nordex, demonstrates that it is possible to generate ‘green’ electricity even under challenging local conditions. As a bank, we want to support such technologies to help usher in the transformation towards sustainable and economically and ecologically sound development.”
“In the important growth market of Finland, we rely not only on a strong pipeline, but also on proven partnerships,” says Ralf Ketteler, Head of Inter-national Project Finance at wpd. “With financial close of the Nuolivaara wind farm and KfW IPEX-Bank as a reliable partner at our side, we are taking another step towards the global climate targets.”
The completion date and start of operation are scheduled for early 2023. While a large portion of the green electricity will be purchased by two Finnish companies via baseload offtake agreements, the remaining volume will be sold directly on the spot market.
Nuolivaara is KfW IPEX-Bank’s third transaction for its long-standing core customer wpd europe in the Nordics and the 14th Scandinavian wind farm financed in the last 12 years, underlining KfW IPEX-Bank’s commitment to advancing energy transition projects around the world and the export of European technology. With the national company wpd Finland Oy and a pipe-line of approximately 1000 MW, wpd europe has established a strong position in the Finnish market and plans to expand this further in the future.
Read the article online at: https://www.energyglobal.com/wind/01122021/kfw-ipex-bank-finances-further-wind-energy-project/
You might also like
Harmony Energy receives £10 million credit facility from Triodos Bank UK
Harmony Energy has received new finance from Triodos to support the development of new projects and its expansion across Europe.