Hamburg, 16. September 2021 – Aquila Capital announced today that Project Øyfjellet has successfully closed a US Private Placement (EUR 235 million) as well as a Junior Nordic Green Bond (EUR 80 million).
Both Bond issuances were oversubscribed and represent combined amount of EUR 315 million. Proceeds from the Bond financing will be used to fund remaining construction and other project costs and return surplus capital to the shareholders of Project Øyfjellet.
The Bond financing was pursued to implement a long-term financing structure and immediately benefit from access to debt financing at attractive terms.
The Green Bond was rated by the independent consultant CICERO Shares of Green and achieved a “Dark Green” and an “Excellent” rating for governance, both of which are the highest possible ratings under CICERO’s framework.
The USPP has a tenor of 24 years and is fully amortising with a fixed rate of 2.12%, whilst the Green Bond is a bullet facility with a tenor of 5 years at a fixed rate of 2.75%. Project Øyfjellet will utilize forward swaps to mitigate long term interest rate exposure.
Roman Rosslenbroich, Co-Founder and CEO of Aquila Capital, says: “This is an important milestone for Project Øyfjellet and Aquila Capital. The project is the largest onshore wind farm in Norway and further increasing Aquila’s presence as one of the most active investors in renewable energy throughout the Nordics. We are excited to further expand our investor base by successfully closing new financing commitments from the United States and Scandinavia.”
Project Øyfjellet is the development of a 400MW onshore wind park in Mosjoen in the municipality Vefsn in Northern Norway. Construction is expected to be finalised at the end of 2021. Once operational, the Øyfjellet windfarm will be among the biggest windfarms in Europa in terms of capacity and output. The bulk of the energy produced will be delivered to a nearby aluminium smelter managed by Alcoa Norway ANS who have already signed a 15-year power purchase agreement.
About Aquila Capital:
Aquila Capital is an investment and industrial development company focused on generating and managing essential assets on behalf of its clients. By investing in clean energy and sustainable infrastructure Aquila Capital contributes to the global energy transition and strengthens the world’s infrastructure backbone. The company initiates, develops and manages these essential assets along the entire value chain and lifetime.
Currently Aquila Capital manages around EUR 13 billion on behalf of institutional investors worldwide, across wind, solar and hydropower energy. Assets of more than 12 GW capacity and over 2 million square metres of sustainable real estate and green logistics projects have been completed or are under development. The company has around 600 employees from 48 nations, operating in 15 offices in 13 countries worldwide.
Further Information: www.aquila-capital.de/en
Press contact Aquila Capital:
Eliza De Waard
Group Head Corporate Communications
Phone: +49 40 87 5050-101
Finsbury Glover Hering
Tel.: +49 69 921 874 11