HSH Nordbank Finances Wind Farm in Belgium

HSH Nordbank AG is the Lead Arranger to structure the € 97.9 million financing package for the construction and operation of the turbines. According to Belgian wind farm planner Windvision, the project is scheduled for completion in late 2009.

The wind turbines will be produced by German Enercon GmbH. At 6 MW, they boast the world’s highest output capacity. To achieve such a high rated capacity, the turbines are particularly large they stand 198 metres tall; have a rotor diameter of 126 metres and their foun-dation weighs roughly 3,000 tonnes. Based on a planned wind yield of 187 GWh, some 50,000 households in the region are to be supplied with electricity in the medium term.

"We are very pleased that our first transaction in the Belgian market is a project of such international stature. In view of the high wind potential, we expect to support other interesting energy projects going forward," said Peter Rieck, Deputy CEO of HSH Nordbank.

Belgium aims to cover 12 per cent of its heat requirements and nine per cent of its electricity demand with renewable energy in about two years’ time.

According to Klaus Bernhart, Head of HSH Nordbank’s Energy Division, the supply of climate-friendly energy is strongly influenced by government promotion systems.

"Like in many other European countries, the boost for Belgium's renewable energy sector came with the introduction of a feed-in remuneration regime. The rising prices of fossil energies and the increasingly efficient technology are other factors that contribute to the success of environmentally friendly wind power," said Klaus Bernhart.

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