The European Investment Bank (EIB) is offering €16m help to fund its first wind power project in Sweden under the European Fund for Strategic Investments (EFSI).
The European bank will co-invest in building the 20MW Langmarken onshore wind farm located in Varmland county with Mirova and Eolus.
The EIB and Mirova-Eurofideme 3, a renewable energy fund managed by Mirova, will have 90% stake in the wind farm, while Eolus will hold the 10% interest.
While Eolus will build and manage the wind farm, Mirova will carry out and manage this co-investment.
The deal comprises six Vestas V126 3.3MW wind turbines.
An additional two turbines at the wind farm have been acquired by the City of Malmö and the local Kalmar County Council.
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By GlobalDataThis project already secured all necessary approvals.
Its construction began in January while commissioning is slated for the first quarter of 2017.
The wind farm will be connected to the national grid through a local substation operated by Kristinehamns Energi.
EIB vice-president responsible for operations in Sweden Jan 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.”
