In October 2017, Prime Capital AG closed Project Nordlys (Northernlight)

In October 2017, Prime Capital AG closed Project Nordlys (Northernlight).

Nordlys is Norway’s second largest onshore wind energy project and one of the largest onshore wind projects in Europe to date.

Located 40 kilometres from Tromsø, in the Northern part of Norway, Project Nordlys will be built over the next two years and will comprise of 67 cutting edge wind turbines manufactured by Siemens Gamesa, each with a generating capacity of 4.2 MW. The turbines are designed for low maintenance and with an advanced blade de-icing solution, in order to achieve a high level of reliability and availability in the cold climate of Northern Norway.

The project will generate ca. 780 GWh per annum, equivalent to the electricity demand of ca. 50,000 Norwegian households. Global aluminum manufacturer Alcoa will purchase the electricity generated through a long-term offtake agreement, enabling it to sustainably maintain its production locally – the project will provide it with a greener, cheaper and more reliable source of electricity. GIEK, the Norwegian Export Credit Agency is offering a guarantee to the investor for the full lifetime of the offtake agreement, as it seeks to support green energy consumption of industrial players in Norway.

Nordlys contributes to the local community with significant property tax payments. The project will be constructed by a Norwegian company, benefitting local employment. An existing quay and local road infrastructure will be modernized in order to facilitate its construction.

The project has secured competitive project financing from DekaBank and KfW (Kreditanstalt für Wiederaufbau). Nordlys Vind is jointly owned by German pension fund Ärzteversorgung Westfalen-Lippe and Siemens Project Ventures, and managed long-term by Prime Capital AG. Prime Capital AG developed and structured the investment together with Norsk Miljøkraft, a local Norwegian developer, as well as with Siemens Gamesa Renewable Energy. Prime Capital already manages a significant portfolio of wind and hydro assets, both in Germany as well as across Northern Europe.

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