German developer WPD completes project financing

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German wind developer and financer WPD has completed financial closing for its Havvelland wind project, developed in cooperation with partner companies MDP and Wiemken. The EUR 160 million project is made up of six separate wind stations using a total of 64 Enercon 2 MW wind turbines, says WPD, adding that the first 15 machines are already being installed and the whole project will be completed in 2006. Senior and junior debt of EUR 143 million was arranged by Bremer Landesbank, Oldenburg. Partner banks in the consortium are the government's KfW, Nord LB, Landesbank Rheinland Pfalz and Landesbank Hessen-Thüringen. WPD, based in Bremen, said financing was arranged in just six months. Over the period 1996-2004, WPD says it has facilitated 70 wind power projects with a combined capacity of more than 680 MW, which involved raising and syndicating EUR 900 million.

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