Luxembourg, December 14, 2017 – On December 12, 2017 the Marguerite Fund raised EUR 29.25 million of 15-year non-recourse debt from NORD/LB for the build-out of its all-equity acquisition on June 15, 2017 from Element Power and Kraftö Vind of the 46.8MW Grimsås onshore wind project in Sweden.
Construction of the wind farm is under way according to plan with foundations currently being installed by civil contractor, Svevia. Thirteen 3.6MW-130m wind turbines are set to be erected by Siemens Gamesa starting in spring 2018. The project will connect to the local distribution grids of E.ON and Vattenfall.
A 12.5-year PPA for the project was signed in June. In December a 10.5-year EPA was signed with NEAS Energy. These two long-term off-take contracts provide downside protection and cash flow visibility for the project thus enabling to raise non-recourse debt on attractive terms while allowing the Marguerite Fund to retain upside on future commodity prices.
Marguerite was advised by Watson Farley & Williams and Setterwalls on the debt raise while NORD/LB was advised by DLA Piper, Mott MacDonald, Deloitte and Marsh.