England

England

German banks fund UK wind farm

UK: The UK arm of German developer Energiekontor has closed the financing of its 24.6MW Hyndburn wind farm in north-west England, securing debt from two German banks for the €75-million project.

Repower's MM82 turbine is designed to be used in areas with high wind speeds
Repower's MM82 turbine is designed to be used in areas with high wind speeds

Nord LB and KfW have provided €45 million in debt for the project in Lancashire, to be repaid over a period of 15 years.

The wind farm, which will comprise 12 Repower MM82 turbines, is scheduled to be commissioned in early September 2012.

Nord LB structured the project financing to include a €10-million KfW loan from the development bank's renewables support regime, which offers debt at cheaper rates than commercial banks.

The remainder of debt was provided by Nord LB on a commercial basis.

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