Finland – Neoen has completed the financing of the Finland’s largest wind farm, the Mutkalampi.
Mutkalampi, fully owned by Neoen, is a 404 MW wind farm located in Central and Northern Ostrobothnia in western Finland.
Wind farm financing
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. 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 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, consisting of Heineken, Nobian, Philips and Signify, in 2020, amounting to 126 MW.
Energy production startup 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 will provide the engineering, procurement and construction. The park will comprise 69 turbines of varying power, designed to maximize efficiency and keep visual and noise annoyance to a minimum. Site preparation work is already under way.