Nord LB finances German wind farm

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Nord LB finances German wind farm

Nordeutsche Landesbank Girozentrale (Nord LB) has provided €86 million (US$118 million) to Steag New Energies GmbH, a subsidiary of STEAG GmbH, for the utility's 43-megawatt wind farm in Ullesdorf, Brandenburg.

The Ullersdorf wind farm will be comprised of 18 wind turbines manufactured by Nordex SE, each with a hub height of 141 metres, a rotor diameter of 117 metres and a capacity of 2.4 megawatts. The wind farm will have an overall capacity of 43.2 MW and generate a calculated annual electricity yield of almost 116,000 MWh for feeding into the grid.

The project is being built in three construction phases on the site of the former Weichensdorf munitions depot. Construction work commenced in October 2013, and the commercial operation date is scheduled for October 2014.

STEAG New Energies GmbH specialises in the development of decentralised custom-tailored energy solitions. Refinancing facilities are being made available by the government owned KfW development bank for the long-term financing. The electricity generated by the wind farm will be marketed and sold via a long term direct marketing contract with STEAG GmbH.

Eckhard Forst, member of the NORD/LB Managing Board, stated:

By way of the Ullersdorf wind farm project we are further expanding our already extensive commitment in the renewable energies segmen. We are benefiting from our pioneering work as far back as two decades ago in this sector in which we now have a wealth of unparalleled expertise.

Nord LB's core business fields include structured financing in the energy and infrastructure sectors, ship and aircraft financing, corporate banking, commercial real estate financing, capital market business and the servicing of private and corporate customers.

Share this news