EKF finances Germany's largest offshore wind farm
On a tight schedule and with a need for great flexibility, eight banks negotiated the Veja Mate Offshore Windfarm – the largest project financing of a windfarm in Germany to date. The project worth EUR 1.9 million had to be settled before June 2015 when Veja Mate’s important grid connection permission would expire. (Foto: Siemens Gamesa Renewable Energy)
What: Offshore wind farm in Germany
Supplier: Siemens Wind Power A/S
Size: 402 MW divided between 67 turbines
Year of construction: 2015-2017
How much: EUR 1,9 billion
EKF's share: EUR 200 millioner
EKF product: Project Financing Guarantee
The 402 megawatt offshore wind farm Veja Mate required a financing of EUR 1,275 million, equalling 67% of the total investment. EKF’s early commitment to provide a project financing guarantee of EUR 400 million was crucial to the participation of a number of banks in the offshore wind farm project Veja Mate.
The agreement was signed by a consortium of eight financial institutions, including six banks: Commerzbank, Deutsche Bank, KfW IPEX-Bank, Natixis, Santander and SMBC.
EKF is renowned for its quick and flexible handling of heavyweight financing, typically covering large amounts in projects in extra need of EKF’s involvement. However, in the Veja Mate project, EKF’s commitment made the banks so eager to participate that in the end an EKF guarantee of EUR 200 million was sufficient.