NORD/LB finances the "Turnow II" solar park in Brandenburg
NORD/LB Norddeutsche Landesbank has taken over the project financing for the "Turnow II" solar park in the municipality of Turnow-Preilack near Cottbus in the federal state of Brandenburg. This follows the bank's co-financing in 2009 already of the directly adjacent "Turnow I" solar park on the former "Lieberoser Heide" military exercise area. The two parks together generate an aggregate output of over 70 megawatts, making this the world's biggest conjoined thin-layer module complex, capable of covering the annual power consumption of more than 20,000 households.
Built on an area of around 50 hectares, equivalent to 70 soccer pitches, Turnow II is a photovoltaic power station with an output capacity of over 18 megawatts. One of the biggest challenges faced as part of the due diligence process was integrating this follow-on project into the already existing park infrastructure. juwi Solar GmbH, a company specialized in regenerative power plants and based in Wörrstadt/North Rhine-Westphalia, took on the function of general contractor with responsibility for the project's planning, logistics, site management and erection work; the company will also be running the complex as long-term operator.
The project's financing was structured by the Structured Finance Team at NORD/LB. The solar park itself is equipped with around 230,000 thin-layer modules manufactured by First Solar GmbH and 24 central inverters built by SMA Technology AG. "Turnow II" will be delivering approximately 18.2 million kilowatt hours of environmentally friendly electricity per year.
The project involves an overall investment volume of around 37 million euros. The outside capital comes in the form of a loan from KfW Förderbank and a long-term UmweltBank promissory note bond. The equity capital is provided by STAWAG Energie GmbH as investor. The loan agreements were signed shortly before Christmas.
"Having already been involved in the financing of Turnow I, we are pleased to be at the service of our customer again as reliable partner in this follow-on investment", said Eckhard Forst, member of the NORD/LB Managing Board. "The financing of this highly interesting project once again demonstrates our competence and leading role in the sphere of renewable energy."
NORD/LB Media and Communication