RPC Obtains EUR 555m for Swedish Onshore Wind Portfolio

Source: www.gulfoilandgas.com 5/22/2024, Location: Europe

Renewable Power Capital (RPC) has closed a long-term €555m financing of its 553MW onshore wind portfolio in Sweden.

This long-term facility, which is one of the largest in Europe for a greenfield onshore wind portfolio, was provided by a suite of experienced lenders. CIBC, Danske Bank, Export Development Canada, NatWest, and NordLB were the Mandated Lead Arrangers, with Apex acting as the Facility and Security Agent.

The deal marks RPC’s first long-term facility that covers both the construction and operation of a portfolio and another positive step forward for RPC’s flagship Swedish onshore wind cluster.

This portfolio comprises four wind farms in the Kramfors and Sollefteå municipalities, all of which are currently being constructed. Once completed, the projects will together provide green power to the equivalent of 182,000 households.

Last month, RPC announced that Procter & Gamble has signed a 10-year Power Purchase Agreement (PPA) for the 140MW Sörlidberget wind farm, which forms part of this portfolio. This marks the fourth PPA signed for the cluster, with RPC having already secured three other agreements – two 10-year PPAs with LyondellBasell and one 10-year PPA with Ardagh. Almost 100% of the renewable energy generated by this portfolio has now been contracted.

In January 2024, RPC also announced that it had ordered 80 Nordex turbines for this cluster. Nordex will start delivering and installing the turbines in the spring of 2025, with operations expected to start between Q4 2025 and Q1 2026.

RPC was advised by Augusta & Co, Herbert Smith Freehills, and Roschier. Advisers to the lenders were Wood, WSP, CMS, EY, Asterra, and Baringa.

Sylvain Delion, Managing Director – Head of Investment and Structured Finance at RPC, said: “This portfolio is RPC’s largest investment to date, so we’re thrilled to be taking a crucial step towards operation. Closing a long-term financing for our flagship onshore wind portfolio in Sweden is another major milestone in our investment and operating strategy, supporting RPC’s approach to obtain long-term stable risk adjusted returns. The level of external debt raised and the complexity of the financing structure are testament to RPC’s expertise and progress as a renewables company. We’re delighted to have closed this financing with such an impressive number of partners, and we look forward to working alongside them to drive decarbonisation.”

Romane Guitard, Partner at Augusta & Co, commented:“We are delighted to have assisted RPC in securing this substantial debt financing package and expanding their network of banking partners. Augusta has arranged a comprehensive debt package that offers a total funding solution for RPC’s landmark Swedish onshore wind portfolio. This underscores RPC’s strength as a renewable energy investor and our capacity to deliver tailored and innovative solutions. The RPC team continues to be at the forefront of European renewables, and we appreciate their continued confidence in our team to support them on their journey.”


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