2021-06-15
http://w3.windfair.net/wind-energy/pr/37632-wpd-commerzbank-norddeutsche-landesbank-financial-close-finland-onshore-wind-farm-project-operation-construction-government

News Release from wpd AG

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wpd, Commerzbank and Norddeutsche Landesbank reach financial close in the Finnish Karhunnevankangas project

wpd, together with Commerzbank and Norddeutsche Landesbank (NORD/LB), can announce the achievement of financial close in the Finnish project Karhunnevankangas (Karhu).

Image: PixabayImage: Pixabay

This means that the financing of wpd europe’s largest onshore wind project, which will be realized with a total capacity of 188 MW in the Österbotten region of western Finland, has been completed. For this, wpd could rely on the good cooperation with the two banks Commerzbank and NORD/LB. The three parties had already cooperated on the financing of the Finnish wind farm Tohkoja. The green electricity generated by the Karhu wind farm is sold to the paper company UPM Kymmene via a long-term power purchase agreement (PPA).

In addition to the participation of the two banks, this was also the first financing process of wpd europe that was accompanied by Euler Hermes Aktiengesellschaft. As mandatary of the German government, Euler Hermes was responsible for the audit in obtaining the export credit guarantee from the German government. NORD/LB was in charge of the process with Euler Hermes and acted as ECA advisor for wpd europe and the banking club.

The financing package of approx. EUR 220 million covers the construction and operating phases and includes, among other things, a long-term Euler Hermes facility, various guarantees and an equity bridge facility.

“We are very pleased that we successfully implemented this important step in a short period of time,” says Ralf Ketteler, Head of Commercial Project Management at wpd europe GmbH. “After the good cooperation with Commerzbank and NORD/LB in the Tohkoja project, we now have added the next chapter with Karhu. Everyone involved can be proud of what has been achieved.”

Mark Hubenthal, Director Origination Project Finance of Commerzbank’s Center of Competence Energy, assesses the project as follows: “This is a highly exciting and challenging transaction, especially with regard to market price issues and PPA design, which proves that complexity can be mastered together in good partnership”.

“We are pleased to continue supporting wpd europe in advancing the transition to renewable energy in Finland with this wind project. The innovative financing package underlines our leading role as a bank in the implementation of large PPA-backed projects in Europe with the inclusion of an ECA coverage,” says Björn Heinemeyer, Senior Director, Structured Finance Europe, Energy Origination at NORD/LB.

wpd europe has already realized four wind farms in the country with its national company wpd Finland Oy and has a pipeline of approximately 1,000 MW of projects in various stages. The company thus further confirms its position as a competent and reliable partner in the Finnish energy market.

Source:
wpd
Author:
Press Office
Link:
www.wpd.de/...
Keywords:
wpd, Commerzbank, Norddeutsche Landesbank, financial close, Finland, onshore, wind farm, project, operation, construction, government



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