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Areva Says Banks Trim Loans to Offshore Wind Farms on Crisis

Areva SA, which is bidding with other companies to build five offshore wind farms in France needing 10 billion euros ($12.8 billion) of investment, said banks are lending less because of the financial crisis.

“Where we used to have 15 banks around the table,” Areva now has to invite about 30 banks “to convince everyone to bring a share to the financing,” Philippe Kavafyan, vice president of Areva Wind France, said in an interview at the company’s headquarters in Paris today. “The banks right now are of course living through a financing crisis.”