Gothenburg, Sweden, [RenewableEnergyWorld.com] Renewable Energy Systems Group (RES) and its subsidiary RES Skandinavien AB, are set to start construction on the Havsnas wind farm, the largest onshore wind farm in Sweden. RES has developed and will construct and operate the project, retaining 25% ownership alongside 75% owners HgCapital.
The 95.4-megawatt (MW) Havsnäs development is located on forest land north of Strömsund. RES will construct the project using 48 Vestas V-90 wind turbines. RES will start construction this month and commercial operation will start in phases from November 2009 to March 2010.
Havsnäs is also a groundbreaking project as it represents the largest energy project financing in the Nordic market, where the power sector is dominated by utilities and most assets are financed on balance sheet. The long-term debt package arranged by HgCapital and RES makes this a landmark deal and sets the standard for future Swedish wind farm financing, RES said in a statement.
“Havsnäs is a milestone in the Swedish wind energy market. The government’s ambitious targets for onshore wind will be achieved by investors, suppliers and developers who, like us, HgCapital and Vestas, are prepared to take pioneering steps in an emerging market for wind energy,” said Mike O’Neill, Commercial Director of the RES Group.