NORD/LB finances a wind farm in Finland for the first time
NORD/LB Norddeutsche Landesbank is financing a wind farm in Finland for the Bremen-based project development firm wpd AG. The transaction involves an overall loan capital amount of around EUR 100 million, furnished in cooperation with Commerzbank. This is NORD/LB's first project financing deal for the Finnish market.
With an overall capacity of 72.6 megawatts (MW), the "Tohkoja" wind farm is located in the municipality of Kalajoki on the west coast of Finland and comprises 22 wind turbines from Danish manufacturer Vestas, each with a capacity of 3.3 MW. The construction work commenced in late August this year and is scheduled for completion at the end of 2016.
With total assets of EUR 191 billion, NORD/LB is among Germany's leading commercial banks. Its core business fields include structured financing in the energy and infrastructure sectors, ship and aircraft financing, corporate banking, commercial real estate financing, capital market business and the servicing of private and corporate customers. The bank is headquartered in Hanover, Braunschweig and Magdeburg, with branch operations in Düsseldorf, Munich, Hamburg and Schwerin. Outside of Germany NORD/LB has a subsidiary in Luxembourg and branches in London, New York, Singapore and Shanghai.
Headquartered in Bremen and active in 17 countries throughout the world, wpd AG develops and operates onshore and offshore wind farms. The company has already realized wind energy projects involving around 1,700 facilities and an overall output of 3,000 MW. Via its Espoo-based subsidiary wpd Finland Oy, wpd AG is working on the implementation of around 750 MW of wind power in Finland, besides which it was behind the development of the 480-MW Suurhiekka offshore wind farm project. A 33-percent interest in wpd subsidiary wpd europe GmbH is held by the Stadtwerke Munich (SWM) public utility company. This joint venture encompasses wpd's international onshore wind energy activities in Europe (outside of Germany) and Canada.
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