Vestas receives 165 MW offshore order in Belgium

Vestas has received an order for an offshore wind power plant with a total capacity of 165 MW. The wind power plant, Bligh Bank Offshore Wind Farm, consists of 55 units of the V90-3.0 MW wind turbine and will be located 46 km off the coast of Zeebrugge, situated in the zone dedicated by the Belgian
Government for the construction of wind farms.

The order has been placed by Belwind N.V. owned by a consortium of Belgian and Dutch investors. The order comprises design, delivery, installation, testing and commissioning of the 55 wind turbines as well as a five-year service and availability agreement. Dutch contractor Van Oord Dredging and
Marine Contractors bv are responsible for engineering, procurement and construction.

“We are proud to be supplying turbines for the Bligh Bank Offshore Wind Farm. Furthermore, we are very pleased to see this group of investors showing their confidence in the potential of offshore wind and we look forward to securing them a successful implementation of the project,” states Anders Søe-Jensen, President of Vestas Offshore, and he continues to elaborate on Vestas' determination to remain strong in offshore wind: “Vestas is a leading, global player in the wind market and we have been driving the offshore wind industry from the very beginning. Being in the offshore market requires some very specific knowledge and skills - both of which Vestas possesses - and the Bligh Bank Offshore Wind Farm order truly shows Vestas' dedication and commitment to remain strongly focused on this market.”

Delivery and installation of the turbines, including full power production isexpected to take place during 2010 whereas final completion of the offshore wind farm is expected in early 2011.

Frank Coenen of Belwind N.V. states: “This 165 MW wind farm is the first phase of the 330 MW Belwind project. We look forward to working together with Vestas and Van Oord on the construction of the project which is a major step forward in realising the Belgian renewable energy targets. We are proud of our investors and banks, who enabled us to realise this investment in difficult financial times.”

The project is financed on a non-recourse basis. This is the first offshore transaction to be project financed since the financial crisis started. This was made possible due to credit risk guarantees provided by Eksport Kredit Fonden (EKF), the Danish Export Credit Agency and financing provided by the European Investment Bank (EIB). Furthermore, a package of structured credit
facilities has been provided by ASN Bank, Dexia Bank Belgium, Dexia Crédit Local and Rabobank International.