NORTH POLE ONSHORE WIND FARM

Promoter – Financial Intermediary

GE Financial Services / Macquarie Capital (Europe) Limited

Location

• Sweden

Description

The project comprises the construction of an onshore wind farm with a capacity of up to 650MW in northern Sweden about 25 km from the city of Piteå.

Objectives

The development of wind energy supports EU and national targets for renewable energy generation, and contributes to security of energy supply and environmental objectives.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 179 million

Total cost (Approximate amount)

EUR 741 million

Environmental aspects

The Swedish government issued a framework permit for the Markbygden cluster in March 2010 based on an overarching environmental impact assessment (EIA) from 2008, covering the cumulative effects of the whole development. The complementary EIA for Phase 1, which includes this project, was issued in May 2011 and the competent authority issued the environmental permit in December 2011. The site is currently mostly used for industry related to forestry and reindeer husbandry. The potential impact on reindeer husbandry has been subject to special attention and consideration during the development phase of the project. The project will pay direct compensation to the neighbouring community and the Sami indigenous tribe, with whom an agreement on benefit-sharing has been reached based on free prior informed consent. During appraisal, compliance with the Bank's environmental and social standards will be assessed.

Procurement

The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement.

Status

Signed - 7/11/2017