Debt Financing Completed for Two GE Energy Financial Services Wind Farms in Germany
Posted on: Tuesday, 17 January 2006, 18:00 CST
GE Energy Financial Services has completed project debt financing for two wind power farms it owns in Saxony-Anhalt, Germany.
Norddeutsche Landesbank (NORD/LB) in Hanover arranged the approximately EUR 60 million in total debt for the 12-megawatt Krusemark wind farm in Sachsen-Anhalt and the 55-megawatt Alsleben farm under construction between Magdeburg and Halle. Norddeutsche Landesbank is the sole lender to the projects.
The Alsleben project will consist of 37 of GE's 1.5-megawatt turbines when completed in April, making it one of Germany's largest wind farms. It will sell power to the regional grid operator. Twenty-four of the turbines were commissioned last year. Krusemark, with eight GE 1.5-megawatt turbines, was built last year to sell power to the regional grid.
GE Energy Financial Services acquired seven wind farms in Germany last year, with a combined capacity of 166 megawatts.
About GE Energy Financial Services
GE Energy Financial Services, based in Stamford, Connecticut USA, with European operations based in London, invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $11 billion in assets, GE Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. Energy Financial Services has developed a strong record investing in solar, biomass, hydro, wind and geothermal power, and is growing its portfolio of nearly $1 billion in renewable energy assets. For more information, visit www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
Source: Business Wire
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