VSB has secured €211m for a wind farm repowering project in Germany.
In cooperation with LBBW (Landesbank Baden-Württemberg) and DZ BANK (Deutsche Zentral-Genossenschaftsbank), VSB has successfully concluded the project financing deal.
Financial closing took place at the end of August 2023.
The loan is for the implementation of the Elster Repowering wind farm in Saxony-Anhalt.
The wind farm is expected to be operational in the first half of 2025.
In the project, in the district of Wittenberg, 50 outdated wind turbines will be replaced by 16 modern, more efficient ones, resulting in a capacity of 106MW.
Using less than two-thirds of the original area, the energy yield will increase sixfold.
Lucas Förschner, Head of Finance at VSB, said: “We are proud to have found in LBBW and DZ BANK two trustworthy and highly professional partners to help us finance this major project. We look forward to implementing the project together.”
Jens Heil, Head of Sustainable Energy Finance at LBBW adds: “The scale of this project and the vision demonstrated by VSB are in line with our principles of promoting sustainable solutions for the future and implementing them together with our customers. It is important for us to be a part of this journey of transformation.”
Watson Farley & Williams acted as legal advisor on the transaction.