Augusta & Co is pleased to announce the financing and sale of the Tellenes 160MW ready-to-build onshore wind farm south of Stavanger in Norway. BlackRock Real Assets is acquiring a 100% interest in Tellenes from Zehpyr AS and Norsk Vind Energi AS. The entire electricity output of the project will be acquired by Google for a period of 12 years. The PPA is Google’s first in Norway and will provide additional renewable energy to the company’s data centres in Europe.
Zephyr and Norsk Vind will now commence construction of the fully permitted project. The 50 turbine wind farm is expected to be operational in late 2017 and will be one of the largest in Norway.
Justin Fitzhugh, Augusta’s Managing Director who led the transaction on behalf of Zephyr and Norsk Vind commented:
“This is a landmark transaction in the challenging conditions of Norway’s wind market, and a testament to the careful progress made by our clients, two of Norway’s leading wind developers, in bringing the project to construction. BlackRock is one of the world’s leading investors in renewable energy, and has invested equity capital in over 75 projects in recent years. Google is an acknowledged leader in the provision of PPAs to expand the use of renewable energy globally, and this will be its 17th agreement to power its international data centres.”
Augusta acted as exclusive financial adviser to Zephyr and Norsk Vind, including the identification and negotiation of equity, project finance debt, PPA and other key contracts.