Engie, Susi embark on 208MW Project Tonstad wind farm in Norway
Wind industry news : Engie has entered into a partnership with Susi Partners, a Swiss asset manager for the construction of 208MW Project Tonstad wind farm in Norway.
Project Tonstad wind farm has been developed by the French energy company which will have a 20% stake in it while the Swiss asset manager through its SUSI Renewable Energy Fund II will own the remaining stake of 80%.
Project Tonstad Wind Farm in Norway
The new Engie wind farm in Norway will comprise 51 turbines to be delivered by Siemens Gamesa Renewable Energy and will come up in the municipalities of Sirdal and Flekkefjord in the southern part of Norway.
With an annual wind power generation of around 0.7 TWh, the Tonstad wind project in Norway is likely to offset about 180,000 tons of carbon emissions.
While Engie will handle the construction aspect and also the operational support needed for the Project Tonstad wind farm, SUSI Partners will provide the financial structuring support.
Site for Project Tonstad wind farm in Norway. Photo courtesy of SUSI Partners AG.
The Norwegian wind farm will be helped with project debt financing package from German commercial banking company Landesbank Baden-Württemberg (LBBW).
Commenting on Project Tonstad wind farm, Sandra Roche – CEO of 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.”
Project Tonstad wind farm is supported by a power purchase agreement (PPA) signed by Hydro Energi, which will buy the power generated from it for 25 years. Hydro Energi, which is a wholly owned subsidiary of Norwegian aluminium producer Hydro, will use the wind power for the production of 50,000 tons of aluminium per year at its facilities in Norway.
Marco van Daele – Chief Investment Officer of Susi Partners, commenting on Project Tonstad wind farm in Norway, 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.”
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