OREANDA-NEWS. July 02, 2015. KfW IPEX-Bank is financing the Veja Mate offshore wind farm as part of a consortium of altogether 8 financial institutions. In addition to five other commercial banks, the Danish export credit agency Eksport Kredit Funden and KfW – under its Offshore Wind Energy Programme – have also joined in. The loan volume totals EUR 1,275 million, the largest of its kind in Germany to date. The debt jointly provided by the banks covers 67% of the investment budget and has a maturity of 12 years post-construction of the wind farm.

The Veja Mate offshore wind farm will operate 95 km north-west of the German island of Borkum. Plans call for it to be connected to the power grid via the existing BorWin 2 offshore sub-station managed by TenneT, the grid operator, in 2017. With a production of roughly 1.6 TWh per year, the offshore wind farm will be amongst the largest in the world, meeting the annual energy needs of approximately one million people.

The project is now owned by Highland Group Holdings Ltd. (HGHL), Siemens Financial Services and Copenhagen Infrastructure II, a fund managed by Copenhagen Infrastructure Partners. The three parties will contribute the total equity requirements of the project in the form of share capital and mezzanine loans. The total project investment adds up to EUR 1.9 billion.