CMS has advised the creditors to Renewable Power Capital (RPC) on a long-term operational refinancing package exceeding €115 million for the 146MW Klevberget onshore wind farm in Sweden.
This new long-term package replaces an existing short-term construction bridge loan and further contributes to a stable and future-proof capital structure across RPC’s projects. The creditors comprised Nordic Investment Bank (NIB) and Danske Bank as lenders, with whom RPC successfully strengthened existing relationships through the financing, and Danske Bank and Nomura as hedging banks.
Klevberget started operations in December 2023, bringing RPC’s operational portfolio to 317MW. This followed the announcement in May 2023 that Faurecia, a company of the group FORVIA, signed a ten-year corporate power purchase agreement (PPA) with RPC for almost all the output from Klevberget.
CMS’ advice was led by Energy Finance partner Nicholas Ross-McCall and Energy partner Dalia Majumder-Russell. The creditors were also advised by CMS-Wistrand on Swedish law elements led by partners Rudolf Laurin and Kristofer Selvin.
Sylvain Delion, Head of Investment and Structured Finance at RPC, says: “This is our second long-term financing agreement in Sweden this year and another major step in our operating strategy, solidifying RPC’s future capital structure. Arranging this innovative financing with relationship lenders and Augusta & Co as financial advisor underscores our growth as a renewable energy company. We look forward to continuing our work with them to drive decarbonisation and delivering green energy to Swedish households.”
Nick Ross-McCall comments: “We are delighted to have acted for the creditor group on another significant Nordic renewables project financing, and to further support RPC’s impressive growth, operating and decarbonisation targets.”
