NordLB Arranges Loans for Energiekontor Wind Project in England

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.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.