Vestas leads funding for 420 MW of Aussie wind projects of GPG

Wind park. Source: Global Power Generation (GPG)

April 27 (Renewables Now) - Vestas Wind Systems A/S (CPH:VWS) has facilitated a payment deferral facility deal worth AUD 415 million (USD 323.3m/EUR 627.5m) to back three Aussie wind projects of Global Power Generation (GPC) totalling more than 420 MW.

The innovative financing structure will improve GPG’s project returns on the 97-MW Hawkesdale, 218-MW Ryan Corner and 107-MW Berrybank Stage-2 wind farms in Victoria, Vestas said on Monday. According to the Danish company, the transaction was the “largest known” payment deferral facility for a renewable energy project.

Spain’s Banco Santander, Deutsche Bank AG, Denmark's Export Credit Agency EKF and China Export & Credit Insurance Corporation (Sinosure) were Vestas’ partners in the deal. The debt facility is backed by the Export Credit Agency (ECA).

In a separate statement, Deutsche Bank said it is providing a AUD-314-million account receivables purchase facility to Vestas, which GPG will use for purchasing receivables related to the supply and installation of Vestas turbines for the Ryan Corner and Hawkesdale wind farms. The two-year debt is backed by ECA, while wind turbine exports will be insured by Sinosure.

GPG is a joint venture between Spanish electric and gas utility Naturgy Energy Group SA and Kuwait Investment Authority.

(AUD 1.0 = USD 0.779/EUR 0.645)

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