Germany Guarantees BayernLB Loan for Nordex Turbines in Turkey
The German government will guarantee a 39 million euro ($51 million) loan to a Turkish wind developer that’s buying turbines from Nordex SE (NDX1) in an effort to boost exports.
Bayerische Landesbank (BLGZ), or BayernLB, is providing the loan to Bilgin Enerji Yatirim Holding AS to buy 20 Nordex turbines for a wind farm near Izmir, in western Turkey, according to an e-mailed statement from Euler Hermes Kreditversicherungs AG (HKV), the credit insurer owned by Allianz SE that’s handling the state guarantee.
The guarantee will protect BayernLB against the risk of default during the loan’s 10-year period, according to Ruth Bartonek, a spokeswoman at Euler Hermes. The German government will pay 95 percent of the loan if the Ankara-based developer defaults, she said.
“The financing of projects during the financial crisis becomes more difficult, especially for small and medium-sized companies,” she said today by e-mail.
Germany and Denmark are among the nations supporting exports from their renewable-energy industries. Euler Hermes, based in Hamburg, also insured loans to buy wind turbines made by Germany’s Repower Systems SE for the Thornton Bank wind farm offshore Belgium.
Eksport Kredit Fonden, a Copenhagen-based lender, guaranteed loans for equipment for the London Array offshore plant planned by Danish utility Dong Energy A/S, Germany’s EON AG and Abu Dhabi’s Masdar.
The Zeytineli wind project is expected to be operational by September 2013, according to the statement.
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
Rate this Page