NordLB Arranges Loans for Energiekontor Wind Project in England
Stock Chart for Energiekontor AG (EKT)
Norddeutsche Landesbank Girozentrale, the German bank that’s financed renewable-energy projects for more than 15 years, arranged 39.6 million pounds ($64.9 million) in loans for a wind farm in northern England.
NordLB structured and arranged the non-recourse project debt finance with a 15-year term for 12 turbines in Lancashire owned by Energiekontor AG, the bank said late yesterday in an e- mailed statement.
The sum includes a 10 million-euro ($14.5 million) term loan from KfW Bankengruppe, the German development bank with a lending program for clean energy, with a rate about 0.75 percent below the commercial funding level, according to the statement.
The financing plan also includes a 27 million-pound commercial loan and 4 million pounds of “facilities” to cover tax and a decommissioning bond for the 24.6-megawatt farm, the bank said. The project will be commissioned in September 2012.
KfW and Hanover-based NordLB, which has been involved in financing 5,000 megawatts of renewables projects, are lending to developers such as Bremen-based Energiekontor as European nations seek to install low-carbon generation to meet European Union clean-energy goals.
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