GTR has elected 14 Best deals of 2014 among hundreds of submissions from all over the world. EKF has played a crucial role in two of the 14 deals, the offshore wind park Gemini in the Dutch North Sea and the wind park, Burgos, in the Philippines. EKF’s involvement has resulted in billion-kroner orders to Vestas and Siemens Wind Power.
Mega offshore wind park in Dutch North Sea
Siemens Wind Power has supplied 150 4 MW wind turbines to the Dutch offshore wind park Gemini. With its 600 MW Gemini will be the second largest offshore wind farm in the world. According to GTR, the reason for the election was the size of the project, the complex financing structure involving more than 13 different lenders and the flexibility of the participating ECAs, including EKF. EKF has provided a guarantee covering about half of Siemens’ order and about 20 per cent of the project’s total debt, making EKF’s risk amount the largest in the loan financing.
Financing well-timed to coincide with new legislation in the Philippines
Vestas has supplied 50 3 MW wind turbines to the Burgos project that will be the largest wind farm in the Philippines. EKF has provided a guarantee covering about half of Vestas’ order. The project depended on new legislation on a fixed per-kWh price of wind power, and GTR’s election recognizes the flexibility and precise timing required in order to close the deal at the same time as new legislation.