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Press release May 17, 2021

SEK finances Björnberget – one of Europe’s largest onshore wind farms

Swedish Export Credit Corporation (SEK) is the sole Nordic bank involved in the financing of one of Europe’s largest onshore wind farms, Björnberget. The wind farm will comprise 60 wind power turbines located in Ånge, 100 kilometers west of Sundsvall, with commercial operation scheduled for 2023.

Vindkraftverk vintertid

The RES Group is managing the construction and will provide asset management services for the wind farm on its completion. RES has engaged PEAB and Stenger & Ibsen to conduct the infrastructure and civil engineering works. The majority of the wind turbines will be raised on SCA’s land and commercial operation is planned for the first half of 2023.

The Ånge wind farm will comprise 60 powerful, latest generation, Siemens Gamesa 6.2 MW turbines. With a capacity of 372 MW, the wind farm will be able to meet the energy needs of about 300,000 households.

“The financial close of our large-scale project in Sweden is another milestone for Enlight in becoming a leading global player in the renewable energy sector. We see great demand for green energy and ESG related investments and we believe that Enlight and our projects, will continue to serve as an excellent investment platform for investments of that kind. We would like to thank KFW, DekaBank and SEK, three of the leading European lenders, for expressing confidence in the project and our partnership with Prime Green Energy Infrastructure Fund.”

Gilad Yavetz, CEO and Co-founder of Enlight

Together with the two banks, KfW IPEX-Bank and DekaBank, SEK is providing total loan facilities of EUR 300 million with maturities of 18 years. The borrower is Björnberget wind farm, and the project owners are Enlight Renewable Energy and the Prime Green Energy Investment Fund.

“The transaction is fully aligned with our ambition of financing the green transition in Sweden. We have extensive experience of international renewable energy financing, which often requires long-term financing together with insight to be able to manage project risks. We are now leveraging this knowledge for projects in Sweden.”

Birgitta Lindström Kruk, Head of Export and Project Finance at Swedish Export Credit Corporation