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EIB to invest EUR16m in Swedish wind project

CTBR Staff Writer Published 09 March 2016

The European Investment Bank (EIB) is providing EUR16m to help finance its first wind power project in Sweden under the European Fund for Strategic Investments (EFSI).

EIB_Swedish_Wind

The bank will co-invest in the construction of the 20MW Langmarken onshore wind farm situated in Varmland county with Mirova and Eolus.

The EIB and Mirova-Eurofideme 3, a renewable energy fund managed by Mirova, will own 90% of the wind farm, while Eolus will retain the remaining 10%.

Eolus will construct and manage the wind farm. Mirova will carry out and manage the co-investment.

The transaction includes six Vestas V126 3.3MW wind turbines. A further two turbines at the wind farm have been respectively acquired by the City of Malmö and the local Kalmar County Council.

The project already has all required approvals. Its construction was started in January, with commissioning planned in the first quarter of 2017.

The wind farm will be linked to the national grid via a local substation operated by Kristinehamns Energi.

EIB vice-president responsible for operations in SwedenJan Vapaavuori said: "We are glad to cooperate with Mirova and support the Langmarken wind project, as it will contribute to the achievement of European and Swedish targets for renewable energy generation and CO2 emissions reduction."

"This first EIB project in Sweden under the Investment Plan for Europe is only a start of the EFSI rollout in this country, within which we have been developing new financial products aiming to extend the EIB's risk capacity and market reach."


Image: EIB and Mirova Eurofideme 3 Co-Investment Wind Sweden. Photo: Courtesy of Daniel Larsson.