NORD/LB finances its first “non-recourse” wind farm in Poland

NORD/LB Norddeutsche Landesbank has carried out its first “non-recourse” financing of a wind farm in Poland. The Janikowo wind farm is located in the Kujawsko-Pomorskie region in north-central Poland and has a total capacity of 60 megawatts (MW). The joint venture is jointly operated by the Danish wind farm developer Eurowind Energy A/S and the Polish company Windbud. The park will be equipped with 30 wind tur-bines from the Danish manufacturer Vestas.

The financing, which also involves the Danish export credit insurer EKF, amounts to around € 80 million. It covers the construction and operational phases and includes, among other things, some long-term facilities as well as credit lines for both VAT and the debt service reserve.

"This is the first major international project we have realised with NORD/LB," says Benjamin Schmitt, Head of Project Finance at Eurowind Energy. "We were very impressed by the great professionalism of NORD/LB. With this financing, we have laid a promising foundation for further joint projects involving EKF. “

"For us it is a matter of great importance to support our customer Eurowind in their efforts to expand  their activities in the Polish market," says Heiko Ludwig, Global Head Structured Finance at NORD/LB. " We are very pleased to have been able to bring our structuring expertise to this transaction working together with our financing partner EKF as well as Eurowind and to create  a tailormade and innovative solution, involving KfW refinanced loans  and ECA cover. There has been strong growth in wind and solar projects in the Polish market in recent years. We expect the market to be dynamic in the coming years as well, and we want to participate in this. This landmark transaction underlines NORD/LB’s role as a leading European bank in renewable  energies.“

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NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks with total assets of EUR 120 billion. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Brunswick and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf, Munich and Stuttgart. Outside Germany NORD/LB is represented by a Pfandbrief Bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.