Germany’s largest pension acquires €60m debt for wind farms
Bayerische Versorgungskammer (BVK), Germany’s largest occupational pension fund, has acquired a €60 million (US$94 million) finance facility from DekaBank, secured by 18 German wind farms.DekaBank was the sole arranger of the €125 million loan for Swisspower Renewables' purchase of the wind farm portfolio. Swisspower invested in the portfolio though its wholly-owned subsidiary Swisspower Renewables Wind 1.
The 18 German wind farms portfolio is composed by 85 wind turbines, which have a total capacity of 150 megawatts, capable of powering about 56,000 households.
The wind farms were developed between 2002 and 2009.
According to Constantin Echter, head of fixed income investments at BVK, the pension fund has plans to expand infrastructure debt investments in future years to make the asset class a significant component of its fixed income portfolio. Mr. Echter stated:
DekaBank is a trusted partner and we aim to work together over the long-term. We are already working on joint financing for other projects.
We have recently reported about several Germany's wind farms transactions:
- DIF sells 9 German wind projects to Allianz energy fund
- Laidlaw Capital acquires Veja Mate offshore wind farm
- Northland Power acquires stake in North Sea offshore wind farms from RWE Innogy
- Allianz renewable fund acquires two wind parks in Germany
- CHORUS Infrastructure Fund S.A. SICAF acquires wind farms in Germany
- Danish pension funds acquire stake in 252 MW Gode Wind 2 wind farm
