NORD/LB Norddeutsche Landesbank is participating in the financing of an installation vessel for offshore wind energy farms. Commissioned by the international provider of construction-related services HOCHTIEF, the “VIDAR” is a jack-up vessel being built at the Crist shipyard in Poland and scheduled to go into service from 2013 onwards.
NORD/LB has co-structured the transaction within the framework of a club deal in which it is acting as paying agent. The bank is providing one third of the external financing volume in a transaction which serves to further expand NORD/LB’s activities in the sphere of renewable energies, having already been involved in the financing of the “Global Tech I” North Sea wind farm in 2011.
“ This project demonstrates the smooth intermeshing of NORD/LB’s competencies in the financing of energy projects and special-purpose ships, ” commented Eckhard Forst, member of the NORD/LB Managing Board . “ We have long years of experience in both sectors, so we are pleased to have been able to support this project with our know-how. We intend further expanding our involvement in this segment. ”
The VIDAR will be HOCHTIEF’s fourth heavy-duty craft, following its sister vessel, the INNOVATION, and the ODIN and THOR jack-up platforms. It will be used for the company’s own offshore construction contracts and will also be chartered out.
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Source: nordlb, March 14, 2012; Image: Hochtief