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Germany

Germany

Germany's Plambeck refinances eight wind plant

Germany's Plambeck Neue Energien is refinancing eight wind farms, with a combined capacity of 140 MW, with a EUR 102 million bond running to 2025. The wind farms have been operating for around five years. Plambeck says the longer maturity of the outside capital financing means they can be operated more profitably in future. Commercial

and technical management of the wind farms by Plambeck remains unchanged. Dresdner Kleinwort Wasserstein is coordinating the structuring, rating and placement of the bond, named Alte Liebe 1, which is supported by an unconditional and irrevocable payment guarantee from Ambac Assurances UK, which reduces risk but raises cost. Both Standard & Poors and Moody's rating agencies have given the bond a preliminary AAA rating. To date, Plambeck has installed 74 wind projects with a combined capacity of 542 MW.

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