OREANDA-NEWS. Wind Power has raised €138 million to construct the second stage of Botievo wind farm, which is expected to be completed in 2014. LandesBank Berlin, one of the largest banks in Germany, has become an investor.

The 10-year loan will finance construction of the second stage of Botievo wind farm including installation of 35 latest wind turbines Vestas V112, with a total capacity of 105 MW.

"DTEK has been active in introducing new technologies into the production process and the world's best practices of corporate management and transparent business conduct. These steps enhance trust of investors and provide a good basis for credit raising in foreign banks," commented DTEK CFO Vsevolod Starukhin.

LandesBank Berlin and EKF export credit agency (ECA)* (Denmark) organised the credit transaction. EKF will obtain reinsurance from other ECAs for wind turbine components produced outside Denmark.

This is the second time Wind Power and LandesBank Berlin have cooperated in the construction of Botievo wind farm. In 2012, Wind Power raised €107 million to construct the first stage of the wind farm. Euromoney's Trade Finance magazine and Global Trade review magazine recognised the deal as one of the largest in Ukrainian energy market and called it Deal of the Year 2012.

"Today Wind Power asset portfolio totals 1.2 GW. This is an ambitious plan requiring large investments. We are glad that international financial institutions are expanding their cooperation with us. In the near term we plan to use a project financing structure, which will help us to raise long-term investment in our wind power projects without guarantee from DTEK as a parent company," noted Director of Wind Power Guerman Ainbinder.

* Export credit agencies are public and private organisations that support and promote export of goods and equipment of national producers. ECAs provide credit risk insurance.