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    NORD/LB is financing the Liskowo wind farm in Poland


    July 29, 2022 - Contify Banking News

     

      NORD/LB Norddeutsche Landesbank has financed another wind farm in Poland. The wind farm is located in the northwest of the country and will have a total output of 38.8 megawatts (MW) after completion. The Danish project developer European Energy A/S developed Liskowo and is currently building the wind farm. The wind farm consists of a total of 11 Nordex N117/3600 turbines. In 2019, the wind farm was awarded a 15-year Contract-for-Difference (CfD) at an auction with a bid price of approximately PLN 228/MWh, which will be indexed annually.

      Original press release:

      July 28 -- NORD/LB issued the following news release:

      - NORD/LB Norddeutsche Landesbank has financed another wind farm in Poland.

      NORD/LB Norddeutsche Landesbank has financed another wind farm in Poland. The wind farm is located in the northwest of the country and will have a total output of 38.8 megawatts (MW) after completion. The Danish project developer European Energy A/S developed Liskowo and is currently building the wind farm. The wind farm consists of a total of 11 Nordex N117/3600 turbines. In 2019, the wind farm was awarded a 15-year Contract-for-Difference (CfD) at an auction with a bid price of approximately PLN 228/MWh, which will be indexed annually.

      The financing amounts to EUR 53 million and will be made available for the construction and operation of the wind farm. Part of the credit funds are covered by the German export credit agency Euler Hermes. This is the first project financing funded by Euler Hermes in Poland. The funding meets the environmental, social and human rights standards of the OECD Common Approaches.

      In the summer of 2021, NORD/LB carried out its first non-recourse financing of a wind farm in Poland with the Janikowo project. At the end of 2021, the financing of a wind farm portfolio in Pomerania (“Pomorze portfolio”) was completed for European Energy A/S.

      "We are very pleased that we were able to successfully implement this important project in such a short time," says Birger Jacobs, Senior Transaction Manager at European Energy A/S. "Following the very good cooperation with NORD/LB on the Pomorze portfolio, we have now opened the next chapter with Liskowo in Poland. Everyone involved can be proud of what we have achieved in the current volatile market environment.”

      Heiko Ludwig, Global Head Structured Finance at NORD/LB, says: "We are pleased that we were able to successfully complete another project financing with European Energy A/S in Poland. This strengthens the relationship with our customers and further expands our position in the dynamic Polish market for renewable energies. Furthermore, we are very pleased that we were able to contribute our structuring expertise to this transaction and to develop an innovative solution together with Euler Hermes and European Energy A/S."

      NORD/LB has been financing projects in the field of renewable energies for 30 years. The bank has established itself both in Germany and in many international markets as an innovator for new and forward-looking financing solutions.

      About NORD/LB

      With total assets of EUR 117 billion, NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. As a public-law institute, it is part of the S-Finanzgruppe. The core business areas include corporate customers, special financing in the energy and infrastructure sector and for aircraft, financing commercial real estate via Deutsche Hypo, the capital market business, the association business with the savings banks and private and business customers including private banking. The bank is based in Hanover, Braunschweig and Magdeburg and has branches in Bremen, Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany, NORD/LB is represented by a mortgage bank (NORD/LB Covered Bond Bank) in Luxembourg and branches in London, New York and Singapore.

      Disclaimer: The Above Content is Auto-Translated

      Source: NORD/LB

      [Category: Banking & Finance]

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