NORD/LB finances large-scale wind farm in Brandenburg
NORD/LB Norddeutsche Landesbank is behind the financing for the German based STEAG New Energies GmbH of the construction and operation of the large-scale wind farm in Ullersdorf, located in the rural district of Dahme-Spreewald in the federal state of Brandenburg. The overall investment volume amounts to around EUR 86 million, making this one of NORD/LB's largest wind park financing projects to date in the German onshore market.
When completed, the Ullersdorf wind farm will be comprised of 18 wind turbines manufactured by Nordex SE, each with a hub height of 141 metres, a rotor diameter of 117 metres and a capacity of 2.4 megawatts. The wind farm will have an overall capacity of 43.2 MW and generate a calculated annual electricity yield of almost 116,000 MWh for feeding into the grid – enough to provide power for 29,000 single-family homes. The Ullersdorf facility is being built in three construction phases on the site of the former Weichensdorf munitions depot. Construction work commenced in October 2013, and the commercial operation date is scheduled for October 2014.
With some 780 employees in Germany and abroad, STEAG New Energies GmbH is a subsidiary of STEAG GmbH and specialises in the development of decentralised custom-tailored energy solutions. Refinancing facilities are being made available by the government-owned KfW development bank for the long-term financing. The electricity generated by the wind farm will be marketed and sold via a long-term direct marketing contract with STEAG GmbH.
"By way of the Ullersdorf wind farm project we are further expanding our already extensive commitment in the renewable energies segment", said Eckhard Forst, member of the NORD/LB Managing Board. "We are benefiting from our pioneering work as far back as two decades ago in this sector in which we now have a wealth of unparalleled expertise."
With total assets of EUR 205 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 Hamburg, Schwerin, Düsseldorf and Munich, as well as abroad in London, New York, Singapore and Shanghai. NORD/LB's overall commitment in the area of renewable energies stands at approximately EUR 7 billion.
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