HSH Nordbank Grants US $64.21M to Eolfi

HSH Nordbank AG announced that it will financially support the delivery of wind turbines for three projects with a total capacity of 41.4 megawatts (MW) planned in France. The projects are planned by wind farm developer and operator Eolfi. In its capacity as Mandated Lead Arranger, HSH Nordbank has extended a EUR 44.35 million [US $64.21 million] Turbine Supply Loan, under which the turbines serve as collateral.

Eolfi’s wind farms, which are scheduled to be put into service in 2008 and 2009, are planned in the French region of Champagne- Ardennes/Troyes and will use 18 Siemens turbines with a capacity of 2.3 MW each. The transaction marks HSH Nordbank’s entry in the turbine finance segment of the French energy market. HSH Nordbank already operates successfully in this market segment in North America, Germany and the UK.  
 
According to Peter Rieck, deputy CEO of HSH Nordbank, France is an important market of the future, as it has only a relatively small installed base of wind turbines compared to Germany and Spain.

“The government promotion system of paying a fixed compensation for energy fed into the grid has proven its worth also in this market and will clearly continue to stimulate growth. France primarily relied on nuclear energy for a long time, but in recent years, the market for renewable energies has seen strong growth,” Rieck said.

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