GE stars at Swedish mega-farm
Green Investment Group also a partner at 650MW Markbygden
GE and the Green Investment Group (GIG) are partnering to develop and operate the 650M Markbygden ETT wind farm in Northern Sweden having acquired the project from Svevind.
The equity partners have raised approximately €800m in financing and have started construction of the facility.
Commissioning is expected in the second half of 2018, with the project slated to be fully operational by the end of 2019.
GE Renewable Energy will supply 179 3.6MW turbines with 137-metre rotors to Markbygden.
The hardware will include an ice mitigation system developed by LM Wind Power.
GE will also provide a 20-year full service package, as well as high voltage switchgear from its Grid Solutions business for two collector substations for the wind farm.
GE Energy Financial Services and GIG have invested more than €300m in equity to finance the wind farm.
Some €500m in debt financing has been secured from the European Investment Bank, Export Credit Guarantees of the Federal Republic of Germany, NordLB, KfW IPEX-Bank and HSH Nordbank.
GE and GIG have also structured a 19-year fixed volume power purchase agreement with a subsidiary of aluminium producer Norsk Hydro for electricity from the project.
GIG is part of Macquarie Group and was formerly known as the UK Green Investment Bank.