German bank leasing deal finalised for 31.2 MW wind plant at Rodopi
1 January 2003
Construction and operation of a 31.2 MW wind station at Rodopi in the Hellenic-Bulgarian border region of Greece is to be based on a leasing deal arranged by Germany's Hypovereinsbank in Munich. The deal, which includes the project loan, was signed last month. "It is probably the first of its kind to be clinched in Greece," says the bank's Branko Cepuran. The borrower and lessee for the project is Rokas Aeoliki Thraki, a construction company that has switched its focus to renewables. It already operates 114 MW of wind capacity, or about half of the Greek wind total. The Rodopi project, comprising 24 Bonus 1.3 MW turbines, will be its largest wind project to date. Construction of the plant is being undertaken by C Rokas. Its main area of business is construction and installation of lifting and transportation equipment. The project financing facility, totalling EUR 33.6 million, includes a wind turbine lease provided by HVB Group's leasing vehicle, BIL International Greece. It also covers a term loan facility for the balance of plant costs. Under Greek investment law the project is entitled to subsidies amounting to 40% of eligible costs. The special project company for the wind station has a ten year power purchase agreement with the new national grid operator, Hellenic Transmission System Operator, which has replaced the state owned Public Power Corporation as power purchaser, according to Cepuran.
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