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Neoen secures funding for Finnish wind farm

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Energy Global,

Neoen, one of the world’s most dynamic independent producers of exclusively renewable energy, has finalised the financing of Mutkalampi, a 404 MW wind farm in Central and Northern Ostrobothnia in western Finland. Fully owned by Neoen, Mutkalampi will be one of the country’s biggest wind farms.

The project will be financed by Neoen’s own capital and a €290 million non-recourse senior debt facility provided by German institutional asset manager, MEAG, a Munich Re company, acting on behalf of primary insurance companies of ERGO, institutional investors via MEAG, and several investment funds managed by MEAG. Neoen has also secured €38 euros in VAT funding from Swedish bank SEB. Total investment in the wind farm is projected at €478 million, aside from financing costs.

The majority of the Mutkalampi electricity output is allocated to five 10-year corporate power purchase agreements (PPAs): a 125 MW agreement with Google from 2019 and four other agreements signed with a Dutch consortium (Heineken, Nobian, Philips and Signify) in 2020, amounting to 126 MW.

Commencement of energy production will be staggered, with a first leg scheduled to open by the end of 2022 and the second in 3Q2023. Vestas has been entrusted with engineering, procurement, and construction (EPC contract). The park will comprise 69 turbines of varying power, designed to maximise efficiency and keep visual and noise annoyance to a minimum. Site preparation work is already underway.



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