NORD/LB, a leading energy transition bank, has announced €109m in financing across separate transactions for two large-scale solar farm portfolios in Poland being developed by GoldenPeaks Capital, one of the fastest-growing independent producers of green energy in Europe.

NORD/LB Norddeutsche Landesbank is financing environmentally friendly electric locomotives and night train carriages (sleeping, couchette and seating carriages) for RDC Asset GmbH (RDC). The transaction is another important building block in the gradual shift of European long-distance transport from road to environmentally friendly rail.

The rating agency Fitch has upgraded the ratings of NORD/LB Norddeutsche Landesbank significantly. As Fitch announced on Monday, NORD/LB's long-term rating has improved by two notches from A- to A+. The rating agency based this decision on the improved mutual liability within the Sparkassen-Finanzgruppe due to the recent reform of the institutional protection system.

Jasper Hanebuth (45) will start as the new Chief Financial Officer (CFO) of NORD/LB Norddeutsche Landesbank on 1 July. As a member of the Board of Management, he is responsible for the Bank's Finance, Treasury and ESG Management divisions.

NORD/LB Norddeutsche Landesbank is withdrawing from the aircraft financing business. The bank made this decision as part of a strategic review of the business segment. An agreement was concluded with Deutsche Bank for the sale of a large part of the portfolio (EUR 1.67 billion). Completion of the purchase agreement is subject to approval by the antitrust authorities. The sale is expected to be finalised in the second half of 2024. Both parties have agreed not to disclose the purchase price. The remaining part of the portfolio (around EUR 1.1 billion) will remain in the NORD/LB Group and will be gradually phased out. New business activities in the segment will be discontinued.

Yesterday, NORD/LB Norddeutsche Landesbank successfully issued a Tier 2 bond in benchmark format. The EUR 500 million bond has a term of 10.25 years and a baa1 rating from Moody's. The bond coupon is 5.625%, which corresponds to a premium of 295 basis points above the swap centre. This is the Bank's first placement of a Tier 2 benchmark bond in over ten years.

NORD/LB reached Financial Close this week on the largest onshore wind farm in Lithuania and the Baltic region, namely Pagegiai Wind Farm (264MW). The project is located in the municipality of Pagegiai, approximately 270 kilometres west of the Lithuanian capital Vilnius, and will consist of 40 x 6.7MW Nordex wind turbines.

Dr Christoph Auerbach (46) will join the Managing Board team of NORD/LB Norddeutsche Landesbank as the new Chief Operating Officer (COO) on 1 April. Auerbach will initially begin his role as Chief Representative and will be responsible for the areas of Information Technology (IT), Data Insights and Business Management & Operations at NORD/LB from the start of the second quarter.

The rating agency Moody's has raised the ratings of NORD/LB Norddeutsche Landesbank by up to four notches in total.

NORD/LB Norddeutsche Landesbank generated earnings before taxes of € 271 million in the 2023 financial year. This more than doubled the previous year's result of € 104 million (increase of 161 per cent). Consolidated profit also rose noticeably. After € 89 million in 2022, the bank increased its consolidated profit to € 224 million in 2023 (an increase of 152 per cent).