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Germany

Germany

Wind lender backs away from coal

GERMANY: Deutsche Bank, a major lender in some of Europe's largest offshore wind projects, has changed its approach to lending for coal projects.

Deutsche Bank will not grant new financing for coal-fired power plant construction (pic: Dong Energy)
Deutsche Bank will not grant new financing for coal-fired power plant construction (pic: Dong Energy)

In a short note on its website, troubled Deutsche Bank said it had amended its guidelines for coal financing.

"Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction," the bank said.

"Moreover, the bank will gradually reduce its existing exposure to the thermal coal mining sector," it added.

The firm said the move was following the 2015 Paris climate agreement, which saw United Nations members agree to limit global warming to 2C above pre-industrial levels.

Deutsche Bank has provided financing arrangements to a number of wind projects and companies.

In 2014, the bank acted as leader arranger for the 600MW Gemini offshore wind project in the Netherlands. "In 2014, we provided around €1 billion in capital which helped finance projects of value more than €4.3 billion and with a total capacity of approximately 1.8GW," the bank said in 2015.

Deutsche Bank also advised Siemens on the viability of its takeover of Gamesa.

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