HSH Nordbank finances wind project in Germany

SH Northbank AG has lent €70 million (US$77.55 million) to Prokon eG to fund the construction of the 48 MW Gagel project in Saxony-Anhalt, Germany. The total project investment is estimated at €100 million (US$110.8 million).

The project involves the development of a 16 turbines wind farm. The turbine type selected for the facility is Enercon's E115/3000. The new wind farm is expected to be operational by the end of 2016.

In mid May, we reported that Capital Stage tendered a binding offer for the takeover of 94.9% of PROKON Regenerative Energien GmbH via an indirect wholly owned subsidiary. PROKON operates a portfolio of wind farms with a total capacity of 529 MW and fixed feed-in tariffs. 461 MW, thus by far the biggest portion of these wind farms, is located in Germany.

In addition, PROKON operates a dedicated O&M department for the technical and commercial management of these wind farms. PROKON thus has a positioning in the wind sector which is similar to Capital Stage AG’s positioning in the solar sector.