EKF judged the project's risks to be acceptable and offered a project financing guarantee worth just under a third of the total financing package.
The project's total value is EUR 694 million, and the guarantee from EKF totals EUR 212.4 million.
EKF put up the guarantee for the project financiers: Rabobank, Dexia Bank Belgium, European Investment Bank and ASN Bank. EKF shares the risk of the loan on an equal footing with the banks.
The guarantee from EKF thus helped to make the project possible.
"We are proud to be supplying wind turbines to Belwind. One key factor that made it possible to realise this project during hard economic times was EKF's willingness to put up a guarantee for part of the financing," says Anders Søe-Jensen, President of Vestas Offshore.
The project was delivered on schedule in December 2010 following an 18-month construction period.