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Danish Export Credit Agency Guarantees $60 Million Loan for Caribbean Wind Farm

December 31, 2008
Source: New Energy Finance

A 30MW wind project on Aruba in the Netherlands Antilles has secured the $60 million of debt it needs to buy and install Vestas turbines, thanks to some financial muscle from Denmark's Eksport Kredit Fonden.

The Danish export credit agency guaranteed the loan, which comes from Nordea, the Nordic bank. The money will finance 80% of the Vader Piet wind farm, which is being developed by Dutch firm Hutting Windenergie and private equity investor Bright Capital Partners.

Vestas said in a statement that the deal would cover the supply, installation and commissioning of 10 of its V90-3MW devices. "Delivery of the wind turbines will start in the third quarter of 2009 and the commissioning is planned for the beginning of 2010," the turbine manufacturer added.

A banking source said that the loan will be on a 13-year tenor, including a one-year grace period and that the project's output would be sold to local utility WEBAruba under a 15-year power purchase agreement.

Dexia, the Belgian bank, is understood to have been the arranger for the loan, with the lenders advised by Kema and Garrad Hassan, Norton Rose, Ernst & Young and Jardine Lloyd Thomson. Kromman Reumert is believed to have advised EKF.

The Vader Piet project is aiming for a capacity factor of around 50%, thanks to favourable wind conditions on Aruba.

Henk Hutting of Hutting Windenergie said that the involvement of EKF was "a great help to us as the financial markets have deteriorated significantly over the past few months".