Neoen , one of the world’s most dynamic independent producers of exclusively renewable energy has finalised the financing of Mutkalampi, a 404 MW wind farm in Central and Northern Ostrobothnia in western Finland. Fully owned by Neoen, Mutkalampi will be the country’s biggest wind farm. Neorn announced recently. (Logo quoted from Neoen’s website)

The project will be financed by Neoen’s own capital and a 290 million euros non-recourse senior debt facility provided by German institutional asset manager MEAG, a Munich Re company, acting on behalf of primary insurance companies of ERGO, institutional investors via MEAG and several investment funds managed by MEAG. Neoen has also secured 38 million euros in VAT funding from Swedish bank SEB.

Total investment in the wind farm is projected at 478 million euros, aside from financing costs. The majority of the Mutkalampi electricity output is allocated to five 10-year corporate Power Purchase Agreements: a 125 MW agreement with Google from 2019 and four other agreements signed with a Dutch consortium (Heineken, Nobian, Philips and Signify) in 2020, amounting to 126 MW. 

Commencement of energy production will be staggered, with a first leg scheduled to open by the end of 2022 and the second in the third quarter of 2023. Vestas has been entrusted with engineering, procurement and construction (EPC contract). The park will comprise 69 turbines of varying power, designed to maximise efficiency and keep visual and noise annoyance to a minimum. Site preparation work is already under way. 

(IRuniverse)