German KfW to finance wind park Global Tech I

(SeeNews) – Aug 30, 2011 - German state development bank Kreditanstalt fuer Wiederaufbau (KfW) will extend a loan of about EUR 280 million (USD 406m) for the construction of the Global Tech I wind farm in the North Sea.

The project will be financed through KfW's programme Off-Shore Wind Energy, Global Tech I said on Monday.

The loan has wrapped up the financing for the project, amounting to EUR 1 billion. Global Tech I has also obtained funding from a consortium of 16 commercial banks and the European Investment Bank (EIB).

The wind farm will include 80 Areva turbines, each with a capacity of 5 MW. The project will have a total capacity of 400 MW, which will be enough to provide eco-friendly energy for 445,000 homes.

The wind farm is to be fully completed in 2013, but by the end of 2012 it will be connected to the grid.

(EUR 1 = USD 1.45)

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