07/19/2018 | 11:23am EDT

Macquarie`s Green Investment Group has reached financial close on 270m of funding for the 235MW Overturingen wind farm in central Sweden.

The project, which was developed with SCA Energy, will comprise 56 Siemens Gamesa 4.2MW turbines.

Construction will start shortly and is expected to be completed by December 2019.

Overturingen will supply electricity to aluminium company Norsk Hydro under a 29-year fixed volume agreement.

On completion Green Investment Group will own the project, which is located at Lansterhojden and Storflotten in the Ange municipality.

Macquarie Capital (Europe) was financial adviser, raising about 160m of senior debt from Credit Agricole Corporate and Investment Bank and KfW IPEX-Bank.

Denmarks Export Credit Agency is providing export credit cover.

Green Investment Group Europe head Ed Northam said: The Overturingen project demonstrates our capability as a development partner, successfully bringing permitted projects forward to financial close.

By working closely with SCA, Siemens Gamesa and Norsk Hydro, we were able to establish the partnerships needed to convert a development opportunity into a market-leading project under construction.

SCA renewable energy president Mikael Kllgren said: We have developed this project together with Turinge Energi. Were glad that the project now will be realised by a strong and committed team of partners.

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Source: Marketscreener