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Mutkalampi wind farm, Finland

Leading renewable energy consultancy and service provider, Natural Power, has provided technical due diligence services and energy yield assessment to Neoen for the financing of its 404MW Mutkalampi wind farm in western Finland.

Neoen has now reached financial close for the project, which will be the largest onshore wind farm in Finland, accounting for some 2% of the country’s annual production.

Natural Power delivered an independent, bankable energy yield assessment and a comprehensive technical due diligence report including a review of the EPC contract, turbine O&M agreement, grid connection agreement, all power purchase agreements, construction programme, electrical design, site access and transportation arrangements, ground investigations, turbine technology, permits and environmental review, and a financial model technical inputs review.

Neil Marshall, Senior Project Manager in Natural Power’s Advisory team, said: “This project really exemplifies international collaboration between our teams in the UK and France as well as growing our reach into the Nordics. We have developed a strong working relationship with Neoen’s international team over many years through our offices in France, and our track record in the Nordics provided a strong knowledge base for this particular project.”

Natural Power will continue to support the lenders throughout the constructions stage, acting as technical advisor. This will include certification of debt draw downs, regular progress reporting and site visits.

Most of the electricity produced in Mutkalampi will supply Google, Heineken, Nobian (previously Nouryon), Philips and Signify through five 10-year corporate power purchase agreements, for a combined total of 251 MW.

The project will be financed by Neoen’s own capital and a €290 million non-recourse senior debt facility provided by German institutional asset manager MEAG, 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 in VAT funding from Swedish bank SEB. Total investment in the wind farm is projected at €478 million, aside from financing costs.

The first stage of energy production is due to become operational by the end of 2022, and the second stage, in the third quarter of 2023.

Natural Power’s global due diligence team provides services throughout all stages of the transaction cycle, from initial risk assessment and reporting in early transaction stages through to comprehensive reporting for credit-committee or data room presentation at final bid stage or financial close.

Find out more here www.naturalpower.com/uk/expertise/service/due-diligence

This press release was distributed by ResponseSource Press Release Wire on behalf of Natural Power Consultants Limited in the following categories: Business & Finance, Manufacturing, Engineering & Energy, for more information visit https://pressreleasewire.responsesource.com/about.