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EKF awarded for wind projects

Two wind farms that EKF is involved in are among the Best Deals 2014 elected by the international magazine Global Trade Review (GTR). The wind farms are among the most remarkable examples of financing in 2014.
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.
Burgos and Gemini projects littered with awards
Not only GTR, but also Trade Finance Magazine, another large international magazine in trade finance, elected the Burgos project as Asia-Pacific Renewables Deal of the Year 2014 in January. And in February, the magazine IJ Global elected Gemini as the best wind deal in Europe in 2014. Furthermore, IJ Global has elected the Lake Turkana wind farm in Kenya which EKF is also involved in as the best Renewables Deal in Africa in 2014.

EKF participates in financing of many wind projects
Denmark has two large wind turbine producers, Vestas and Siemens Wind Power, and a large number of sub-suppliers. This is one reason why EKF is very active in the financing of wind projects and the leading ECA in the world in the wind energy sector. The other reason why EKF is active is that banks and private lenders are reluctant to take on the entire risk themselves in financing of large wind farms. In order to realise these projects a state guarantee is often needed in addition to project owners’ contributions.

Read more about the GTR Best Deals of 2014 on GTR's website
 
 
​​EKF - Global Trade Review Best Deals Award Winner 2014
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