SUSI Partners is taking a majority stake in a Norwegian wind farm by partnering with French multinational electric utility company Engie to construct the 208MW project.
The Swiss investment manager said SUSI Renewable Energy Fund II (SUSI RE II) will own an 80% stake in Project Tonstad in the South of Norway.
Engie developed the project and will continue to manage the construction and provide operational support to the windfarm, retaining a 20% stake in the project.
Project Tonstad will consist of 51 turbines. Once operational, the wind farm will sell all energy produced to Hydro Energi under a 25-year contract.
The project debt financing package for the wind farm will be provided by German Landesbank Baden-Württemberg (LBBW).
Sandra Roche, the CEO Engie Nordics, said: “Tonstad is an important project for Engie, as a direct application of the strategy to develop large wind projects in partnership with big industrial offtakers and a financial equity partner.
“It is also a first step for Engie in renewables in the Nordics, where the group intends to further expand its activities, in contribution to the ongoing energy transition.”
Marco van Daele, the CIO of SUSI Partners, said: “SUSI’s investment mandate is dedicated to financing the global energy transition. Project Tonstad is a prime example of this: the project brings together the latest technology wind turbines and a bespoke, long-term offtake agreement with an industrial company for a large-scale renewable generation project with a highly competitive levelized cost of energy.
“We have worked with Engie for a prolonged period to structure the project and are very pleased with the collaboration and outcome, and look forward to cooperating with all parties involved again in the future.”
