Mutkalampi Wind

Neoen has reached financial close of Finland’s largest windfarm Mutkalampi (404MW). The wind farm, where site preparation has begun, is located on the border between the regions of Central and North Ostrobothnia, in Western Finland. It will be composed of 69 turbines, 6 turbines with a capacity of 4.3MW each and 63 turbines with capacity of 6.0MW each. The sole turbine provider will be Vestas.

MEAG, a Munich Re company, is the sole senior lender to the project. Additionally, SEB (Skandinaviska Enskilda Banken AB) will provide a dedicated VAT facility. Total investment in the project is estimated at €478 million, aside from financing costs. On the offtake side, Google has entered a 10-year PPA to purchase one third (approx.) of the windfarm’s output in order to satisfy the power consumption needs of its Finnish data centers with renewable energy. An additional third (approx.) of the windfarm’s output will also be sold under 10-year PPAs with a consortium of Dutch offtakers composed of Heineken, Nobian (previously Nouryon), Philips and Signify.

Voltiq acted as the exclusive financial adviser to Neoen, providing assistance throughout the entire process, which started supporting Neoen on the tendering process for Google’s PPA back in 2019. Activities performed encompassed, among others, bankability comments to the PPAs, debt market sounding, financial modelling, assistance on preparation of internal committees, marketing materials elaboration, term sheet elaboration and assistance in all negotiations with lenders to financial close.