HSH Nordbank makes successful debut in Polish market for renewable energies
146 MW wind farms with a volume of EUR 285 million for Scan Energy
New York, June 13, 2008 - HSH Nordbank AG will finance four wind farms with a total capacity of 146 MW in Poland for one of Denmark’s leading investment firms within renewable energy production, Danish Scan Energy A / S. Together with the Polish subsidiary of German plant developer Vortex Energy Group, the Bank supports the construction and start-up of the turbines with an investment volume of EUR 285 million in its role as Mandated Lead Arranger. Following completion, the wind turbines will be sold to Scan Energy. This transaction marks the entry of HSH Nordbank, a world-leading financier of energy projects, in the Polish market for renewable energies.
“Poland has contributed significantly to the booming energy market in Eastern Europe. The country’s EU membership not only supports the cross-border transfer of renewable energy know-how but also makes the entry in the Polish market more attractive for us,” said Peter Rieck, Deputy Chairman of HSH Nordbank’s Management Board.
The 65 wind turbines located close to the Baltic Sea and in the midland of Poland are scheduled to be taken into service in mid-2009. The project benefits from the Polish subsidy system of the so-called “Green Certificates”. Buyers of the stock exchange-traded certificates are electricity utilities, which are obliged to base part of their power supply on renew-able energies. The success of the project is guaranteed by the level of the energy prices, long-term take-off agreements and currency hedges.
“The government has defined a wind power target of up to 1,600 MW by the year 2010, which is about five times Poland’s current total wind power capacity. Poland benefits from strong wind in many places. This market environment therefore means good business opportunities for us,” said Juergen H. Lange, Deputy Global Head of HSH Nordbank’s Energy Division.
HSH Nordbank AG is a strong commercial bank in Northern Europe with total assets of € 205 billion. Some 4,800 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation, real estate and energy. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate. HSH Nordbank is a leading financier of renewable energies worldwide, especially of wind projects.
For more information: www.hsh-nordbank.com
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