wpd, together with Commerzbank and Norddeutsche Landesbank (NORD/LB), has secured financial close for the 188 MW Karhunnevankangas (Karhu) wind project located in the Österbotten region of western Finland.
In addition to the participation of the two banks, this was also the first financing process of wpd Europe that was accompanied by Euler Hermes Aktiengesellschaft. As mandatary of the German government, Euler Hermes was responsible for the audit in obtaining the export credit guarantee from the German government. NORD/LB was in charge of the process with Euler Hermes and acted as ECA advisor for wpd Europe and the banking club.
The financing package of approximately EUR220 million (US$268.02 million) covers the construction and operating phases and includes, among other things, a long-term Euler Hermes facility, various guarantees, and an equity bridge facility.
