Rabbalshede Kraft signs financing agreement with Swedbank and SEB
Rabbalshede Kraft AB (publ) has signed an agreement with Swedbank and SEB for bank financing that will ensure the company’s construction of the Årjäng NV and Årjäng SV wind farms in the municipality of Årjäng and the Skaveröd/Gurseröd wind farm in the municipality of Tanum.
The three wind farms, Årjäng NV, Årjäng SV and Skaveröd/Gurseröd, comprise a total of 33 turbines. The project will be the largest investment in the Company’s history and totals about MSEK 1,200, of which approximately one-third will comprise shareholders’ equity. The bank financing will be provided by Swedbank and SEB, Swedbank is the facility agent.
As previously announced, Rabbalshede Kraft has in June 2013 implemented a private placement in the amount of MSEK 171.6 to Manor Investment S.A. and approved a preferential rights issue in the maximum of 32,200,000 Series B shares, corresponding to a maximum amount of MSEK 386.4. The primary purpose of both the private placement of MSEK 171.6 and the preferential rights issue of MSEK 386.4 was to fund the equity requirement for the construction of the three wind farms. Manor Investment S.A has issued an underwriting guarantee stipulating that it will subscribe for at least MSEK 214.8 in the preferential rights issue. The shares will be open for subscription until July 8, 2013
An agreement is signed with Vestas concerning delivery of 33 V112-3 MW. Civil works will be conducted in partnership with Svevia, which is responsible for the construction of the infrastructure including the IKN network and the foundation of the turbines. The construction will commence in July 2013 and is scheduled for completion by late 2014. The estimated production of the three wind farms totals 289 GWh annually.
Swedbank First Securities has served as the Rabbalshede Kraft’s financial advisor during the process.
For further information, please contact;
Thomas Linnard, CEO, Tel. +46 (0) 525-197 11, +46 (0) 706-100 120
thomas.linnard@rabbalshedekraft.se
This is Rabbalshede Kraft
Rabbalshede Kraft AB (publ) is a fast-growing player in wind power. Since being formed in 2005, Rabbalshede Kraft has been involved in the commissioning of 48 wind turbines, of which 26 wind turbines in four wind farms are proprietarily managed. An extensive project portfolio comprises the basis for growth. The Company has another 14 turbines under construction and about 350 wind turbines in the procurement, application or planning phase. Rabbalshede Kraft's overriding objective is to create value growth for the Company's shareholders - proprietary, in partnership with other companies and through divestment - by contributing to the commissioning of 250 turbines by 2015. Follow the Company's progress at www.rabbalshedekraft.se
Tags: