VALOREM, an independent green energy operator, is pleased to announce it has raised an innovative fully merchant debt financing from the investment manager AIP Management, on behalf of AIP Infrastructure II, on February 7th, 2022 to fund the construction of its Matkussaari wind farm. Matkussaari will be built for an installed capacity of 148.5 MW and a planned total investment of €195M. The closing of this financing is a key step for VALOREM as it will help increase VALOREM’s net installed capacity by c.27% and support its transition into a European IPP.
This wind farm, located in the region of Ostrobothnia in Finland, will host 27 wind turbines with a unit power of 5.5 MW, supplying the equivalent of the electricity consumption of 60,000 households each year.
The Matkussaari wind farm forms part of the larger VIIATTI project which is also comprised of the 165 MW Kalistanneva wind farm which was sold by VALOREM to a Finnish Consortium comprised of HELEN Oy and The Bank of Ålands’s Wind Power Fund. Together, both wind farms will generate c. 1TWh which represents around 1.2% of the Finnish annual electricity consumption.
Matkussaari Wind Farm Oy, the management company of the wind farm, 100% owned by VALOREM, has signed a facility agreement providing flexible long-term financing of EUR 135m from AIP Infrastructure II, managed by AIP Management, and has also secured EUR 10m in VAT funding from OP Bank. Financing was established on the basis of Matkussaari remaining fully merchant, successfully allowing the company to maintain power price participation upside in a strong power price environment. This loan has been certified as a Green Loan by Klinkby Enge, ensuring compliance with the Loan Market Association’s (LMA’s) principles. This is an additional guarantee of a virtuous project aligned with VALOREM Group’s CSR values in France and internationally.
The windfarm, co-developed by Megatuulli, will be built by Suvic (BOP); VALREA, a subsidiary of VALOREM (Construction Manager); ELTEL (Electrical Lines). The works will start in March 2022 with an estimated commissioning in January 2025. VALOREM will also provide long-term technical and commercial management services to the wind farm.
For Philippe TAVERNIER, COO of VALOREM: “We are very pleased with this closing, which highlights VALOREM entrance as an independent green energy producer in Finland. The VALOREM Group has great ambitions for Finland with more than 500 MW of additional capacity under development, supported by a subsidiary and a strong and growing local team based in Helsinki.”
The VALOREM Group and AIP would like to thank the many advisors who have helped make this project a success: Augusta & Co (Financial Advisor); White & Case (Legal Advisor); Krogerus (Local Counsel); Our New Energy (Off-take Advisor); ESTER (Hedge Advisor); EY & KPMG (Tax Advisor); EY Corporate Finance (Lender Financial Advisor); DNV (Lender Technical Advisor); Marsh (Lender Insurance Advisor); Clifford Chance (Lender Legal Advisor); Roschier (Lender Local Counsel); Klinkby Enge (Lender ESG & Green Loan Certification Advisor); Pexapark (Lender Off-take Advisor).
Camille GIRARD – Communication Manager VALOREM
0646307185 – email@example.com
Mads IVERSEN – Investment Director AIP
+45 26 24 63 40 – firstname.lastname@example.org
The VALOREM group is an independent French operator in the field of green energy. It masters the entire process of renewable energy development, from development to operation and maintenance, including project management, construction and auditing services. A pioneer in wind energy in France with more than 360 employees, VALOREM is also present in the French West Indies, Colombia, Finland and Greece. The group manages more than 550 MW in production and has a portfolio of more than 5 GW of in-development projects.
VALOREM is certified ISO 9001 – quality, ISO 14001 – environment, and ISO 45001 – health and safety at work.
More information on: www.valorem-energie.com
AIP Management is a Danish investment manager dedicated to investing into energy and infrastructure assets in Europe and the US. To date, AIP has invested more than EUR 4 billion primarily in assets that contribute to the green transition, including seven European offshore wind farms, five onshore wind farms in Europe and the US, and four large solar power plants in California and Texas. The existing investments deliver sustainable energy to cover over 2.2 million households’ consumption and save more than 3 million tonnes of CO2 on an annual basis.
For more information, please visit www.aipmanagement.dk.