NordLB Arranges Loans for Energiekontor Wind Farm in England

Aug. 25 (Bloomberg) -- 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