Three key benefits
- The support from DNV in the project financing stage ensured that the EKF and SEB could provide project financing to Nordic Wind Power, one of the major owners of the Fosen project
- The support from DNV in the construction phase assured the Lenders that the execution of the project was done in accordance with specifications, standards and industry practice
- The project will provide about 3.6 TWh of electricity annually
About the customers
SEB is a leading northern European financial services group. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 31 March 2021, the Group's total assets amounted to SEK 3,443bn while its assets under management totalled SEK 2,243bn. The Group has around 15,500 employees. https://www.sebgroup.com
EKF is Denmark’s Export Credit Agency. It was established in 1922 as only the third export credit agency in the world. Over the years, EKF have acquired unique expertise in the challenges faced by Danish companies in trading and investing around the globe. EKF is owned and guaranteed by the Danish state but operated as a modern financial enterprise. https://ekf.dk/en
The customer challenge
The Fosen Vind project in Norway is a joint venture owned by Nordic Wind Power DA and the Norwegian utilities TrønderEnergi and Statkraft. It is one of Europe’s largest onshore wind farms, comprising six wind farms, with a combined capacity of over 1000 MW. The project secured project financing in 2016 and the five-year construction period was successfully completed in early 2021. DNV has been involved in the entire construction period. The scale of the project combined with a challenging landscape in Norway meant that there were several technical challenges to be overcome in order for the lenders to be able to provide project financing to the project.
DNV acted as the lender’s technical advisor and provided fully-fledged technical due diligence as well as construction monitoring services to support the lenders to the project in the project financing process. The process involved review of technology, contracts, financial model, schedule, permits and more. Further, DNV has undertaken design reviews in the construction phase and performed site visits to monitor the progress and check quality performance.
Benefits to the customer
Upon completion of the technical due diligence phase, the lenders were able to provide project financing to Nordic Wind Power which secured project realization. DNV’s work provided comfort to the lenders that the project was being designed and built in line with best industry practice. After a five-year construction period, the project is now operational and provides about 3.6 TWh of electricity to Norwegian and Nordic consumers.