An international consortium of pension schemes and insurance companies have backed a green project bond issued by renewable energy investor Luxcara.

Luxcara said it received a “three-digit million-euro amount” to finance a 163MW portfolio comprised of three assets in Finland.

The Finnish wind portfolio issued the bond to international lenders’ consortium including a German pension scheme, entities of the Canadian insurance company Sun Life Assurance Company of Canada and a German insurance company, Luxcara said.

Luxcara said it is the first green project bond of its kind for a wind farm portfolio with a power purchase agreement (PPA). The wind projects Välikangas, Sievi, and Pihtipudas are located in the Finnish region of North Ostrobothnia.

Marc Brehm, managing director of Luxcara, said: “We are very happy about this green project bond for our 163MW PPA-based wind farm portfolio in Finland.

“This green project bond expands our track record and is especially unique thanks to the structure, size and the composition of the international lenders’ consortium.”

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