During October, BayWa r.e. will begin construction on the 94.6 MW Lyngsåsa windfarm, located in Southern Sweden, one of the largest it has built to date. This follows a sale of the project to sustainable infrastructure investor SUSI Partners.
The Lyngsåsa windfarm will consist of 22 Vestas V150 turbines. The project has been developed from greenfield by BayWa r.e. who will also manage the complete engineering, procurement and construction (EPC) of the turnkey project. The investor, SUSI Partners, has secured a long-term fixed price Power Purchase Agreement (PPA) and arranged for the project debt financing with Hamburg Commercial Bank (HCOB).
“We are pleased to be working again with SUSI Partners on this major windfarm project”, commented Katy Hogg, Global Director of Wind Projects at BayWa r.e. “This turnkey project will see BayWa r.e. managing the full EPC process and, as part of the agreement with SUSI Partners, continuing to provide ongoing operation and maintenance services once the project is operational. It is another success for BayWa r.e. that also reflects the opportunity for developers and investors in the growing Swedish wind market.”
SUSI Partners invests in clean energy generation, energy efficiency enhancements, and energy storage and integrated solutions.
“This acquisition marks our fourth transaction with BayWa r.e., and we greatly value our ongoing collaboration in the renewable energy segment,” said Marco van Daele, Chief Investment Officer at SUSI Partners. “It is also our first investment in the attractive Swedish wind market and completes our Nordic wind portfolio for our second renewables fund.”
With significant wind resource and the capability to accommodate larger projects than many European countries, Sweden has become a key market for renewable energy. The ability to build projects without or with minimal subsidies and its economic stability further strengthens Sweden’s attractiveness for developers and investors.
Financing for the project will be provided by HCOB.
“We are really pleased to support our important clients SUSI Partners and BayWa r.e. on this outstanding project. This transaction is particularly pleasing for us for several reasons: we have found a very innovative solution for project financing with the integration of construction financing, which will be replaced by long-term financing. Furthermore, Sweden is an important market for us in which we hope to see further follow-up projects”, said Nils Driemeyer, Global Head of Renewable Energy at Hamburg Commercial Bank.
BayWa r.e. expects to bring the Lyngsåsa wind farm into operations in 2021. The annual production will be around 315 GWh, providing electricity to the equivalent of 80,000 households, while saving approximately 93,000 tons of CO2 emissions each year.
SUSI Partners is a Swiss infrastructure fund manager specializing in sustainable investments supporting the energy transition. The firm currently manages over EUR 1 billion in investor commitments across five funds focused on opportunities in clean energy generation, energy efficiency enhancements, and energy storage and integrated solutions.
With a successful track record of more than 90 transactions in 20 countries to date, SUSI Partners seeks to achieve attractive, stable and uncorrelated returns, while contributing to global climate targets by reducing CO2 emissions.
Hamburg Commercial Bank – from an industrial pioneer to a leading financier
We are one of the leading financiers in the area of renewable energy. We are not only active throughout Europe, but also in American and Asian selected markets. We accompany project business within the asset classes onshore wind, offshore wind, solar and hydroelectric power. Our clients benefit from our recognized expertise and many years of experience – the bank was after all one of the first banks that financed renewable energy projects. Since then we have contributed to many success stories in this field over the past 25 years.
The volume of our about 230 projects in the wind and solar business alone totals around € 4.6 billion, which means that we are in the first rank when it comes to renewable energies.