Norwegian 300 MW wind park projects Kvitfjell and Raudfjell ready to build and planned to start production in 2017

(WK-intern) – Berenberg, KR Vind AS and Norsk Miljøkraft AS announce today that the 2 wind parks Kvitfjell and Raudfjell (300MW) outside the city of Tromsø, Norway are planned to be in full operation by the end of 2017.

Hamburg (Germany), Oslo and Tromsø (Norway) – Raudfjell and Kvitfjell together constitute the largest wind power project in northern Norway and are among the best projects, which so far have received a final license.

Compared to other projects in Norway it has the big advantage that the grid will be commissioned in September/October 2015. Outstanding wind conditions with very high capacity factors and good climate conditions due to the impact of the Gulf Stream cause remarkable competitive advantages in operations, with only minor issues regarding icing. Overall electricity production costs will therefore be significantly lower compared to other projects. Combined with the recent improvement of the Norwegian regulatory framework, this project becomes highly competitive.

“This development will provide a significant contribution to fulfilling the goal of new renewable power in the Norwegian-Swedish electricity certificate market. The wind farms also provide positive benefits for security of supply in the region” Minister of Petroleum and Energy, Tord Lien, recently said when the concession to Raudfjell was confirmed.

The project team around KR Vind and Berenberg is currently negotiating all contracts regarding civil works, turbine suppliers, commercial and technical management as well as financing for the 2 wind parks Kvitfjell and Raudfjell. Furthermore Berenberg is inviting investors to a bidding process. Investors who get involved in an early stage of the process will have the opportunity to influence contracts and decisions. Kvitfjell and Raudfjell are planned to be in full operational stage by end of 2017.

“We are delighted to have partnered with KR Vind AS and Berenberg in this project and look forward to continue working together with such a reputable organization in realizing this project. We are also pleased that this marks a major milestone for one of the biggest and most promising wind projects in Europe demonstrating our capability to deliver on our long-term strategy” says Birger Sorensen, Chairman of the Board of Norsk Miljøkraft.

Berenberg, a leading German investment bank, together with the co-advisors DSI Sachwerte and ecosenergy are exclusively mandated to sell the project to long-term investors and to structure the bank consortium for construction financing.

About Norsk Miljøkraft, KR Vind and Berenberg:
Norsk Miljøkraft AS and KR Vind AS are developing large-scale onshore wind farm projects in northern Norway. As initial developer, Norsk Miljøkraft handed over the final project development/ financing of the two wind farm projects Raudfjell and Kvitfjell to the end-developer KR Vind. The two ready-to-build projects near the city of Tromsø have permissions for 300 MW of wind turbine capacity. www.norskmiljokraft.no

Established in 1590, Berenberg is one of the leading private banks in Europe today, with the four operating divisions Private Banking, Investment Banking, Asset Management and Corporate Banking. Its 1,250 staff at 19 offices in Europe, the United States and Asia manage over 36 billion euros.

PR: Norsk Miljøkraft AS