France

France

Financing first for wind turbine purchase

A secured loan of EUR 44.35 million specifically dedicated to buying wind turbines is the first time such a vehicle, in which the turbines serve as collateral, has been used in France, according to the two signatories, local developer and operator Eolfi and Germany's HSD Nordbank. "The asset-based turbine supply loan meets European developers' growing need to get an early delivery commitment from the turbine manufacturer," says Nordbank's Klaus Bernhart. It will be used to secure Eolfi's order earlier this year of 18 Siemens 2.3 MW turbines destined for three projects in northern France. Eolfi, which is 50% owned by the global environmental services company Veolia Environnement, specialises in creating investment funds dedicated to green electricity. It currently has 106 MW turning in France, 118 MW under construction and 6000 MW under development worldwide. The company is also active in Poland and Greece.

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