Press Release

DekaBank finances wind farm in Sweden

  • DekaBank one of the most active wind farm lenders in Scandinavia
  • Sweden aims to generate electricity exclusively from renewable energies by 2040

Acting as sole arranger and lender, DekaBank has provided a loan of EUR 182 million for construction and operation of the “Stavro” onshore wind farm in Sweden. The wind farm was acquired by a consortium of Korean institutional investors, Siemens Financial Services and Nordrheinische Ärzteversorgung. Prime Capital structured the project and will manage it on behalf of the consortium.

The Stavro wind power project began in central Sweden at the end of July 2019 and is scheduled to include up to 62 wind turbines manufactured by Siemens by the planned completion date in 2021. Total capacity is up to 254 megawatts. The electricity produced by the project will predominantly be sold to the operator of the Finnish Google data centre Tuike Finland Oy, a subsidiary of the technology company Alphabet, and to the Swedish forestry company Holmen. While the Alphabet subsidiary has agreed to accept a variable supply of power, a fixed supply agreement was reached with Holmen.

The wind farm's total capacity of 254 megawatts corresponds to the annual electricity consumption of 26,000 Swedish households. By generating the power in the Stavro onshore wind farm, around 424,000 tonnes of CO2 emissions are avoided each year.

The share of renewable energy used in Sweden keeps growing. Already in 2012 the country reached the government’s 2020 target of 50 per cent. For the power sector, the target is 100 per cent renewable electricity production by 2040.

In previous years, DekaBank financed the construction and operation of the “Tellenes” (160 megawatt), “Nordlicht” (281 megawatt) and “Guleslettene” (197 megawatt) wind farms in Norway, and the “Piiparinmäki” (211 megawatt) wind farm in Finland. This makes DekaBank one of the most active project lenders for wind farms in Scandinavia. The total capacity of the five wind farms of around 1,100 megawatts corresponds to the annual electricity consumption of around 226,000 households.

About Deka

DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 306 billion (as at 30/09/2019) and around 4.7 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.

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