HSH Nordbank grants first Turbine Supply Loan in French wind energy market

New York/Hamburg/Kiel, September 17, 2008 - HSH Nordbank AG supports the delivery of turbines for three projects with a total capacity of 41.4 MW planned in France by French wind farm developer and operator Eolfi. In its capacity as Mandated Lead Arranger, HSH Nordbank extends a EUR 44.35 million Turbine Supply Loan, in which the turbines serve as collateral.

The wind farms planned in the French region of Champagne-Ardennes / Troyes, which are scheduled to be taken into service in 2008 and 2009, comprise 18 Siemens turbines with a capacity of 2.3 MW each. The transaction marks HSH Nordbank’s entry in the turbine finance segment of the French energy market. The Bank already operates successfully in this market segment in North America, Germany and the UK.

According to Peter Rieck, Deputy CEO of HSH Nordbank, France is an important market of the future, as it has only a relatively small installed base of wind turbines compared to Germany and Spain. “The government promotion system of paying a fixed compensation for energy fed into the grid has proven its worth also in this market and will clearly continue to stimulate growth. France primarily relied on nuclear energy for a long time, but in recent years, the market for renewable energies has seen strong growth,” said Peter Rieck.

“A portfolio of over 170 MW makes us one of the leading providers of project finance in the French wind energy market. The asset-based turbine supply loan meets European developers’ growing need to get an early delivery commitment from the turbine manufacturer,” said Klaus Bernhart, Global Head of the Energy Division of HSH Nordbank. “We know our customers, and the turbines are based on a highly efficient, market-proven technology; this makes the segment of advanced turbine financing so attractive for us,” Bernhart added.

“Eolfi is happy to have finalized this tailor-made loan by our bank, HSH Nordbank. This agreement allows us to finance the turbines before the project is implemented. It is the first deal in France to be financed by a Turbine Supply Loan. It is a real finance innovation,” said Guy Auger, Chief Operating Officer of Eolfi. Eolfi is 50% owned by Veolia Environnement, a world leader of the services to the Environment, structures investment funds dedicated to the production of green electricity. Created in 2004, Eolfi is a Pure Power Producer; it develops, finances, builds and operates wind parks throughout Europe.

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