Renewable Power Capital has raised about $603 million from five lenders for four wind farms it is building in northern Sweden. Facilities of that size are rare in Swedish wind, on Enerdatics' records. That makes this one a reference point, and what the lenders were looking at before they signed matters as much as the size.
Key takeaways
- Renewable Power Capital secured $602.61 million from a consortium of CIBC, Danske Bank, Export Development Canada, NatWest and NordLB, announced on 22 May 2024, for a 553 MW onshore wind portfolio in Sweden.
- The Renewable Power Capital portfolio comprises the 161 MW Vitberget, 154 MW Storhojden, 140 MW Sorlidberget and 98 MW Knasjoberget wind farms in the Kramfors and Solleftea municipalities, all under construction at the time of the financing.
- Renewable Power Capital's Swedish wind facility covers both the construction and operational phases and is the company's first long-term facility of this kind.
- The $602.61 million Renewable Power Capital facility works out at about $1.09 million per MW across the 553 MW portfolio.
- Before the financing, Renewable Power Capital announced 10-year PPAs in Sweden with Ardagh Group for 161 MW, LyondellBasell for 252 MW and Procter & Gamble for 126 MW, between January and April 2024.
What kind of loan is this?
A construction-to-term facility. The same lenders fund the wind farms while they are being built and then stay in once they are generating, so the debt does not need to be refinanced the day construction ends. The Leap record says the financing supports both phases and is RPC's first long-term facility of this nature.
For a borrower, that structure removes the refinancing risk that comes with a short construction loan. For lenders, it means taking a view on the projects for many years, not just through the build. That is a bigger commitment, and it is usually made only when the revenue picture is already clear.
The lender group mixes commercial banks with an export credit agency. Danske Bank, NordLB, NatWest and CIBC are commercial lenders. Export Development Canada is Canada's export credit agency, and the Leap record does not say what brought it into a Swedish wind deal.
Why were lenders comfortable lending against unbuilt wind farms?
Because most of the output was already sold. In the four months before the financing, RPC announced three 10-year power purchase agreements in Sweden: 161 MW to Ardagh Group in January, 252 MW across Storhojden and Knasjoberget to LyondellBasell in February, and 126 MW to Procter & Gamble in April. A power purchase agreement, or PPA, is a long-term contract in which a buyer agrees to take a project's electricity at an agreed price.
Those contracts add up to 539 MW, close to the full 553 MW of the cluster. Lenders were therefore not underwriting Swedish wholesale power prices for most of the portfolio. They were underwriting three corporate buyers, each committed for a decade. Enerdatics has mapped the buyers filling RPC's 553 MW Swedish cluster and how a single planned project was sold as separate contracts.
The 14 MW gap between the contracts and the nameplate total is about 2.5 percent of the cluster. Once complete, the four farms are expected to supply green power equivalent to 182,000 households, so on a pro rata basis the output not covered by those three contracts is worth roughly 4,600 households. Whatever happens to that sliver, it cannot move the lenders' numbers much.
The sequence matters. The PPAs came first and the debt followed within weeks of the last one. That is the order a bank would ask for.
How does $1.09 million per MW compare?
It sits above RPC's own refinancing of an operating Swedish wind farm. In December 2024 Leap records RPC raising $121.6 million from the Nordic Investment Bank and Danske Bank to refinance the 146 MW Klevberget wind farm, which began operating in December 2023 and sells nearly all of its output to Faurecia under a 10-year PPA. That works out at about $0.83 million per MW.
The gap is what you would expect. The Klevberget loan replaced a short-term construction bridge on a farm already running, so it was sized against a known asset. The cluster facility had to cover the build itself. Lending more per MW against projects still under construction reflects the capital those projects needed, not a looser credit view.
Enerdatics records four wind financings in Sweden announced between January 2023 and June 2025. RPC's $602.6 million cluster facility is the largest. Vattenfall's $315.3 million bond in May 2023 comes second, RPC's $121.6 million Klevberget refinancing third, and Hexicon's $62.2 million from Nuveen in May 2023 fourth. Together the four total about $1.1 billion, and RPC accounts for about $724 million of it, roughly two thirds. One sponsor with two transactions makes up most of Leap's Swedish wind debt record over two and a half years.
What does the deal signal for Swedish wind?
It signals that bank finance for new Swedish onshore wind is available, but on terms that favour contracted projects. RPC built its case in a particular order: a cluster large enough to justify one facility, long-term corporate PPAs for almost all of the output, then a construction-to-term loan from a mixed group of banks and an export credit agency.
That sequence is also a guide for other developers. Long-term contracts with corporate buyers take most of the wholesale price exposure out of the lender's model. Projects selling into the wholesale market without such contracts will find this template harder to follow.
The thin record is a finding of its own. With only four Swedish wind financings in Leap across two and a half years, and two of them from one sponsor, there is little public benchmark for what Swedish wind debt costs or how much a project can raise per MW. RPC's two deals now provide two of the clearest reference points, one for a build and one for an operating asset. For broader context on Nordic deal flow, Enerdatics has also covered how Hydro Rein split 25 Nordic wind projects with IOWN Energy.
Frequently asked questions
How much did Renewable Power Capital raise for its Swedish wind farms? $602.61 million from CIBC, Danske Bank, Export Development Canada, NatWest and NordLB, announced on 22 May 2024, for a 553 MW portfolio.
Which wind farms does the financing cover? Vitberget at 161 MW, Storhojden at 154 MW, Sorlidberget at 140 MW and Knasjoberget at 98 MW, in the Kramfors and Solleftea municipalities of Sweden.
Who advised on the Renewable Power Capital financing? RPC was advised by Augusta & Co, Herbert Smith Freehills and Roschier. Lender advisers were Wood, WSP, CMS, EY, Asterra and Baringa, and Apex acted as facility and security agent.
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