Germany: NORD/LB Bank Approves Financing for HOCHTIEF’s VIDAR Project

March 14, 2012

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.

[mappress]

Source: nordlb, March 14, 2012; Image: Hochtief