Leading renewable energy consultancy and service provider, Natural Power, has delivered technical due diligence on behalf of Cloud Snurran AB, a JV between Red Rock and CapMan, for the €180million refinancing of Project Moln, the 241MW Överturingen onshore wind farm in Sweden.

Natural Power delivered detailed reviews of all contracts, service and availability agreements and asset management agreements, grid connection agreement, and the Norsk Hydro and NEAS power purchase agreement; as well as a review of the existing turbine supply and balance of plant agreements. The team also provided in-depth analysis which will contribute to the joint venture's efforts to further optimise the wind farm, including reviews of the asset integrity, design and technology, a high-level life extension analysis, energy yield analysis review, a review of any environmental issues, and a financial model review.

The work was led by Natural Power's team in France. Giles Dearden, Director of Due Diligence at Natural Power, said: "We continue to support clients throughout the Nordic region and have built-up considerable experience here throughout the years. As a provider of high-quality and detailed project analysis and portfolio due diligence studies, we routinely apply our wind resource, energy yield prediction and site assessment expertise on behalf of developers, utilities, financial institutions, vendors and prospective purchasers, and are delighted to continue growing our global knowledge-base."

Överturingen is an operational, 56-turbine wind farm situated across two sites, Lansterhojden and Storflotten in Ange, central Sweden, and connects to the Rätan Power Station in Berg district of Jämtland. It covers approximately 40 square kilometres within a commercial forestry region, with elevation ranging 451-552 metres above sea level.
The development commenced commercial operation in December 2020, and is expected to generate 805.5 GWh per year. It has a 29-year PPA with Norwegian aluminium producer, Norsk Hydro, as well as a 10-year PPA with NEAS energy for the remaining generation, powering around 40,000 homes.

The new consortium of lenders comprises of DekaBank, NatWest, NordLB and Bank of China.

Natural Power has provided market-leading analysis services for more than 145 GW of wind and solar projects globally. It delivers a variety of advisory support services on an on-going basis; with recent Nordic onshore wind projects including Lakiakangas and the 650MW Markbygden onshore wind farms as well as numerous others throughout Finland and Sweden.