- Joint venture makes key strategic move to optimise capital structure
The equal joint venture between Red Rock Power Limited and CapMan Infra has completed a €180million refinancing of its 241MW Överturingen operational wind farm in central Sweden.
The new consortium of lenders comprises of DekaBank, NatWest, NordLB and Bank of China. Macquarie Capital advised Red Rock Power and CapMan Infra on the transaction.
Shi Weifei, Chief Financial Officer of Scotland-based renewable energy company Red Rock Power, said: “The refinancing of Överturingen was one of our strategic priorities following our acquisition of the project in December 2020. Optimising the project’s capital structure allows us to focus our financial resources on continuing to expand our portfolio of projects and partnerships across Europe.”
Harri Halonen, Partner at Nordic infrastructure investor CapMan Infra said: “We are very pleased to complete this refinancing, which secures the continued generation of over 800 GWh of carbon-free electricity per annum. We look forward to work with the incoming consortium of lenders DekaBank, Natwest, NordLB and Bank of China, as well as continue the optimisation of the project with our partner Red Rock Power.”
Sylvain Delion, Managing Director at Macquarie Capital, added: “The new debt structure draws on the strength of Överturingen’s long-term corporate Power-Purchase-Agreement and O&M Agreement, putting it on a strong and stable footing for the future.”
The 56 turbine 241MW onshore wind farm, one of the largest in Scandinavia, has been operational since December 2020. It holds a 29-year PPA with Norwegian aluminium company, Norsk Hydro for the majority of its generation.