LATEST NORD/LB NEWS
Expansion in the field of renewable energies
NORD/LB Norddeutsche Landesbank has structured a transnational wind power portfolio with a total output of 60 MW for developer ABO Wind AG of Wiesbaden/Germany. The overall financing volume involved is approximately 105 million euros. The project has now been completed – in cooperation with Commerzbank – with the incorporation of the 32.5 MW subproject in IrelandComprising five wind farms in all, the portfolio is the only one of its kind to date to extend over the three countries Germany, France and Ireland. The innovative structuring enabled the wind farm developer to incorporate the individual wind farms one by one into the financing structure. In addition, the cooperation with unchanging partners in the due diligence process significantly reduced the outlay in comparison with individual financing arrangements.
“By putting this innovative portfolio structure in place, NORD/LB has shown that even in these times of global economic recession it is possible to successfully realize larger-scale projects via alternative financing approaches”, stated Christoph Trestler, Global Head Structured Finance of NORD/LB. He continued that this transaction underpins the bank’s status as one of the nationally and internationally leading financiers of renewable energies. NORD/LB’s overall business volume in this growth sector has now reached a figure of 3.5 billion euros. “Our longstanding expertise in this segment enabled us to develop a product that was fine-tuned to the customer’s specific needs and requirements”, stressed Trestler.
With an annual project volume of around 100 million euros, ABO Wind AG figures among Europe ’s most experienced wind farm project developers. The company plans and erects wind farms in and outside of Germany, and has 120 employees active in Germany, Spain, France, Portugal, Argentina, Belgium, Ireland, Great Britain and Bulgaria. Expansion into further European countries is in the preparatory stage. ABO Wind has brought no less than 233 wind farms with a nominal output of 357 MW into the power grid to date.
