KfW IPEX-Bank finances Guanyin Wind Farm in Taiwan
Frankfurt am Main (ots)
KfW IPEX-Bank GmbH finances almost EUR 60 million for the construction of the Guanyin Wind Farm on the Taiwanese coast around 60 km west of Taipei. The relevant agreements were signed on Wednesday. The total investment sum is approx. EUR 65 million. The initiators of the project are the German enterprises VWind AG and wpd AG, which have already realised three similar projects with KfW IPEX-Bank in Taiwan.
By means of an innovative financing structure the loan is being made available in the local currency of Taiwan Dollars in order to avoid foreign exchange risks. The financing was structured by KfW IPEX-Bank, and a syndicate formed by local and international banks which maintain a presence in Taiwan will be providing the liquidity.
The wind farm will have a capacity of 43.7 MW and consist of altogether 19 wind energy converters that will be supplied, erected and put into operation by Aurich-based Enercon, a leading German wind energy converter manufacturer. Enercon will also perform the long-term repair and maintenance of the converters. The new wind farm is scheduled to be commissioned in summer 2010.
The Taiwanese parliament enacted a renewable energy law only recently, at the beginning of July. Under the law, the existing generating capacity of around 2.2 GW is to be expanded by installing up to an additional 10 GW generated from renewable energy. The Guanyin Wind Farm is thus one of the first projects to run commercially under the new renewable energy law.
With the Guanyin Wind Farm KfW IPEX-Bank is financing a forward-looking project in Taiwan's nascent market for renewable energy. The financing of renewable energy projects is an integral part of the programme of services offered by KfW IPEX-Bank under which it contributes to protecting the Earth's environment and climate.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of July 2009) and is represented in the key economic and financial centres throughout the globe.
Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de, Internet: www.kfw-ipex-bank.de
Original content of: KfW IPEX-Bank, transmitted by news aktuell