Siemen’s Funding in Place for $937M Offshore Wind Farm Order

Siemens won a $937 million order to supply wind turbines to the 288MW North Sea farm, the Butendiek project, which is expected start construction in 2014 and operation in 2015. The total cost to set up the German wind park will be $1.9 billion. This funding suggests that wind projects in Europe are starting to overcome fundraising challenges, says Bloomberg.

Nine commercial lenders, the European Investment Bank, Germany’s state-run KfW Group and Denmark’s Eksport Kredit Fonden provided loans to the Butendiek project.

Other banks include BayernLB Holdings AG, Helaba Landesbank Hessen-Thueringen Girozentrale, HSH Nordbank AG, ING Groep NV, Rabobank International and Skandinaviska Enskilda Banken AB, the EIB said. The Luxembourg-based lending arm of the European Union loaned $600 million, and KfW loaned a total of $321 million.

Remaining money for Butendiek will come from investors such as pension administrator PKA A/S, retirement fund Industriens Pensionsforsikring A/S, the Marguerite Fund, Siemens Project Ventures GmbH and the project’s developer WPD AG of Germany, according to Bloomberg.

To read the full Bloomberg article cited in this story, click here

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