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VSB, a global wind and solar project developer, has successfully secured €211 million in financing for the Elster wind farm repowering project in Saxony-Anhalt, Germany. LBBW and DZ BANK jointly financed this significant project, marking VSB’s largest financing deal since its inception in 1996.
The financing, concluded in August 2023, is dedicated to the Elster Repowering project, set to be operational by H1 2025. The repowering initiative aims to replace 50 outdated wind turbines with 16 modern, more efficient ones, utilizing less than two-thirds of the original area while increasing energy yield sixfold.
The wind farm’s capacity will reach 105.6 MW, generating approximately 235 GWh annually, enough to power 67,000 three-person households with renewable energy. The loan, totaling €211 million, includes €175 million with a long-term maturity exceeding 20 years.
Lucas Förschner, Head of Finance at VSB said, “We are proud to have found in LBBW and DZ BANK two trustworthy and highly professional partners to help us finance this major project. We look forward to implementing the project together.”
Jens Heil, Head of Sustainable Energy Finance at LBBW added, “The scale of this project and the vision demonstrated by VSB are in line with our principles of promoting sustainable solutions for the future and implementing them together with our customers. It is important for us to be a part of this journey of transformation.”
“Supporting VSB through the entire financing process together with LBBW underlines our shared understanding of the right steps towards a sustainable future. We are pleased to be able to make an important contribution to the energy transition by financing this project,” noted Markus Höppner, Director of Structured Finance at DZ Bank.