HSH Nordbank finances its first solar project in Denmark

Hamburg/Kiel, April 14, 2016 - HSH Nordbank has completed its first PV project financing in Denmark: The bank provided long-term financing in the amount of EUR 64.5 million to European Energy A/S and partner for the solar park “Vandel”.

The PV plant located in southern Denmark consists of 126 individual units, has an overall nominal capacity of 50.4 MW and will be financed over a 17-year term. Commercial operation started in December 2015.

European Energy A/S, one of Denmark's largest developers of PV parks and wind farms, sold “Vandel” to a fund managed by Allianz Global Investors, where it forms part of a large renewable energies portfolio post closing. "This transaction marks our successful entry into the promising Danish market for project finance. It is also another step in of our growth strategy in Scandinavia", said Lars Quandel, Head of Energy & Utilities at HSH Nordbank.

European Energy A/S was established in 2004 and possesses competence in all phases throughout the renewable energy value chain. The company developed 57 onshore wind farms and 22 PV plants to date in several European countries.

”With HSH Nordbank we found a very professional partner. Early on in the process we realised, that the bank and its employees understand our business and have a profound knowledge of the asset class. We continuously see great potential in this asset class with decreasing LCOE generating further common business opportunities with HSH and experienced institutional investors like Allianz Global Investors”, said Knud-Erik Andersen, Chief Executive Officer of European Energy.

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