Neoen, an independent producer of renewable energy, has finalized the financing of Mutkalampi, a 404-megawatt wind farm in Central and Northern Ostrobothnia in western Finland. Fully owned by Neoen, Mutkalampi will be the country’s biggest wind farm.
The project will be financed by Neoen’s own capital and a €290 million ($343 million) nonrecourse senior debt facility provided by German institutional asset manager MEAG. Neoen has also secured €38 million ($45 million) in VAT funding from Swedish bank SEB.
The total investment in the wind farm is projected at €478 million ($565 million), not including financing costs.
The majority of the Mutkalampi electricity output is allocated to five 10-year corporate power-purchase agreements: a 125-megawatt agreement with Google from 2019 and four other agreements signed with a Dutch consortium (Heineken, Nobian, Philips and Signify) in 2020, amounting to 126 megawatts.
Commencement of energy production will
