October 29, 2018 – ING Wholesale Banking structured and arranged the EUR 70,000,000 project financing of the onshore wind farm Lakiakangas located in Karijoki and Isojoki, Finland. The project sponsor is CPC Germania.
The Lakiakangas wind farm comprises 2 operational Vestas V126 wind turbines with 3.45 megawatt capacity each. Further 12 Vestas V150 wind turbines with 4.2 megawatt capacity each will be taken into operation until September 2019. While the V126 are fully operational and generate revenues under the Finnish FiP tariff, the new V150 turbines will be remunerated under a third party PPA.
For project sponsor and developer CPC Germania the Lakiakangas wind farm is a further milestone to become an independent power producer. Erik Trast, General Manager at CPC Germania, commented as follows: “We were delighted with how professional and pragmatic ING handled the transaction. Lakiakangas wind farm will further strengthen CPC Germania’s footprint in Finland.”
Olaf Beyme, Head of Renewables & Power at ING in Germany commented: “A key aspect of the transaction was aligning a 10-year PPA with our client’s request for a long-term project financing. The successful closing of this transaction evidences that ING – by deploying innovative structures – helps its clients to be one step ahead.”
The financing was arranged by ING Wholesale Banking.
ING Wholesale Banking
ING Bank, a branch of ING-DiBa AG
Phone: +49 (0) 69 / 27 222 66710
About ING Wholesale Banking Germany
ING Wholesale Banking Germany comprises the corporate clients business of ING-DiBa AG and is part of the ING Group’s worldwide Wholesale Banking network with offices in more than 40 countries. ING Wholesale Banking offers banking services for large, internationally operating corporate clients. In addition to traditional banking products such as Corporate Lending and Transaction Services, ING is a world leading name in structured & project financing concepts, complemented by capital market solutions.
ING Wholesale Banking Germany has approximately 300 employees based in the headquarters Frankfurt am Main who were in charge of a credit volume of EUR 31 billion by the end of 2017.
More information about ING Wholesale Banking Germany: www.ingwb.de