"We are proud to be part of Northern Europe’s most ambitious wind power project, and can safely say that we are the greenest bank in Northern Europe. Large infrastructure projects such as this with an horizon of 20 years, is well aligned with our long term client philosophy," says William Paus, Country Manager of SEB in Norway.
The project will require investments of around 1.2 billion euro in total and consists of six wind farms with a combined capacity of 1,000 MW. As a comparison, The Norwegian Water Resources and Energy Directorate says total installed wind power capacity was 873 MW in country at the end of 2015.
SEB is also providing financial instruments to hedge project cash flows from currency and interest rate exposure.
SEB’s track record within renewable finance is long standing. SEB worked with the World Bank in developing the first ever Green Bond for institutional investors in 2007/2008. Since then, SEB has advised over 30 issuers of different types that have entered the Green Bond market successfully. Altogether, SEB has underwritten Green Bonds for a value exceeding USD 10 bn which is more than any other bank globally.
"Norway has very favourable wind conditions, and we are currently evaluating several other projects," says John Turesson, Head of SEB’s project financing unit in Oslo.