MEAG, the €252bn asset manager of German insurers Munich Re and Ergo, and Luxcara, a €2.3bn infrastructure fund manager, have structured a project bond to finance wind farms in Norway.

The companies said a “lower three-digit million euro” amount of projects bonds has been secured to finance the Skinansfjellet and Gravdal wind farms.

The bonds - similar to the financing of the Eikeland-Steinsland wind in July 2018 - have been privately placed with investors of the Munich Re group, the Austrian insurance company Uniqa and one further European insurance group. Equity is provided by a fund managed by Luxcara.

Holger Kerzel, managing director of MEAG, said: “This project in established partnership fulfils our high requirements to sustainable and economically successful investments.

“Private financing by MEAG makes an important contribution to the maintenance and renewal of infrastructure and the development of renewables.“

Marc Brehm, managing partner of Luxcara, said: “By broadening the institutional investor base compared to the wind farm Eikeland-Steinsland, we have proven our ability to structure and place project bond financings of renewable energy projects and thus addressing the individual needs of institutional investors in this regard.

“We are already looking forward to realizing more attractive debt financing solutions of solar and wind projects in the near future.“

Dimitar Lambrev, senior portfolio manager of Uniqa, said: “For the Uniqa group sustainability means taking over responsibility in an economical, societal and ecological way.

“Financing the project Skinansfjellet/Gravdal forms part of our sustainability strategy.“