Nordbank To Finance Wind Farms in Poland

HSH Nordbank AG will finance four wind farms with a total capacity of 146 megawatts (MW) in Poland for Danish Scan Energy A/S. Together with the Polish subsidiary of German plant developer Vortex Energy Group, Nordbank will support the construction and start-up of the turbines with a total investment of EUR 285 million [US $441.5 million].

Following completion of the project, the wind turbines will be sold to Scan Energy. The 65 wind turbines, located close to the Baltic Sea and in the midland of Poland, are scheduled to begin service in mid-2009. This transaction marks the entry of HSH Nordbank into the Polish market for renewable energy.

“Poland has contributed significantly to the booming energy market in Eastern Europe. The country’s EU membership not only supports the cross-border transfer of renewable energy know-how but also makes the entry in the Polish market more attractive for us,” said Peter Rieck, Deputy Chairman of HSH Nordbank’s Management Board.

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