HSH Nordbank finances the world’s most powerful wind farm in Belgium
New York/Hamburg/Kiel, August 5, 2008 - The world’s most powerful wind farm is currently being built on a nine square kilometre site in the Belgian community of Estinnes. HSH Nordbank AG has been mandated as the Lead Arranger to structure the EUR 97.9 million financing package for the construction and operation of the turbines. According to Belgian wind farm planner Windvision, the project is scheduled for completion in late 2009.
The wind turbines will be produced by German Enercon GmbH. At 6 MW, they boast the world’s highest output capacity. To achieve such a high rated capacity, the turbines are particularly large they stand 198 metres tall; have a rotor diameter of 126 metres and their foun-dation weighs roughly 3,000 tonnes. Based on a planned wind yield of 187 GWh, some 50,000 households in the region are to be supplied with electricity in the medium term.
“We are very pleased that our first transaction in the Belgian market is a project of such international stature. In view of the high wind potential, we expect to support other interesting energy projects going forward,” said Peter Rieck, Deputy CEO of HSH Nordbank. Belgium aims to cover 12% of its heat requirements and 9% of its electricity demand with renewable energy in about two years’ time.
According to Klaus Bernhart, Head of HSH Nordbank’s Energy Division, the supply of climate-friendly energy is strongly influenced by government promotion systems. “Like in many other European countries, the boost for Belgium’s renewable energy sector came with the introduction of a feed-in remuneration regime. The rising prices of fossil energies and the increasingly efficient technology are other factors that contribute to the success of environmentally friendly wind power,” said Klaus Bernhart.
HSH Nordbank AG is a strong commercial bank in Northern Europe with total assets of € 204 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 one of the world’s top three banks providing finance for renewable energy projects, especially wind power.
For more information, visit www.hsh-nordbank.com
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