NORD/LB Bank has finalised the refinancing of a wind farm portfolio owned by Eurowind Energy A/S and Windbud with a total value of EUR 85 million and a capacity of 56 MW. Located in the Kuyavian-Pomeranian and Greater Poland voivodeships, the farms have been financed with a term loan of EUR 80 million and a Debt Service Reserve Facility of EUR 5 million.
NORD/LB is a bank specialising in financing the energy transition, which has been supporting the development and financing of renewable energy projects in Poland for years. The refinanced portfolio includes the Żnin-Damasławek wind farm and the Żnin 2 and Żnin 3 projects. A total of 27 Vestas turbines are installed at the farms, producing approximately 185 GWh of renewable electricity annually. This amount corresponds to the annual energy demand of approximately 60,000 Polish households.
The farms were developed by Eurowind Energy and Windbud as part of a collaboration between a Danish and a Polish company in the renewable energy sector. They were commissioned in 2023-2024. The refinancing provides the assets with long-term financing and strengthens the investment platform of Eurowind Energy and Windbud in the Polish renewable energy sector.
Benjamin Schmitt, Head of Project Finance at Eurowind Energy A/S, said that securing long-term financing for the portfolio of operating wind farms in Poland strengthens the financial foundations of the assets and confirms the soundness of the projects implemented. It is also an expression of the trust that leading financial partners such as NORD/LB place in both the company’s operations and the Polish renewable energy market.
Poland as a key market for RES
Poland remains one of the key markets for investment in renewable energy, and wind power continues to play an important role in accelerating the country’s energy transition. NORD/LB has been supporting the development and financing of RES projects in Poland for many years, and the latest transaction confirms the bank’s long-term commitment to supporting the development of clean energy production in the country.
Thomas Fischer, Director Structured Finance at NORD/LB, said that the bank is pleased to support Eurowind Energy and Windbud in the refinancing of this important portfolio of operating wind farms. Poland remains one of the most attractive renewable energy markets in Europe, and projects such as Żnin are helping to accelerate the country’s energy transition towards a cleaner and more secure energy system. The transaction confirms the bank’s long-standing commitment to the Polish market and its ambition to support leading developers with tailored financing solutions.
Financial consortium and legal advice
The transaction was carried out as part of a financing process involving domestic and international financial institutions. NORD/LB was selected for its experience in financing renewable energy projects, its flexible approach to their financing and its ability to structure solutions tailored to project needs.
Norton Rose Fulbright Poland acted as legal advisor to NORD/LB on the transaction, while WKB Poland provided legal advice to Eurowind Energy. The refinancing of the Żnin wind farm portfolio is another example of successful cooperation between international financial institutions and Polish and Danish RES developers. The transaction gives the farms stable financing, which will allow them to continue operating efficiently in the coming years. Eurowind Energy and Windbud are continuing to develop their projects in Poland, and support from partners such as NORD/LB strengthens their position in the renewable energy market.
The bank has announced further involvement in financing RES projects in Poland. The refinancing funds will allow the farms to be maintained and optimised, which will translate into stable supplies of clean energy for Polish consumers. The transaction with NORD/LB is evidence that the Polish RES market is attractive to international investors and financial institutions. Eurowind Energy and Windbud have declared their readiness for further cooperation and implementation of new investments in Poland. NORD/LB, as an experienced partner in renewable energy financing, will continue to support projects that contribute to reducing emissions and increasing the share of clean energy in Poland’s energy mix.
Poland remains one of the largest RES markets in Europe, and the refinancing of the Żnin wind farm portfolio is an example of this. Norton Rose Fulbright Poland and WKB Poland played key roles in providing legal support for the transaction, highlighting the importance of professional advice in financing large infrastructure projects. Thanks to the cooperation of all parties involved, the refinancing was finalised efficiently and on terms favourable to both sides. Eurowind Energy and Windbud, as experienced developers, will continue their activities on the Polish market. The transaction with NORD/LB demonstrates that the Polish RES sector is seen as a reliable and stable partner for international financial institutions. In the coming years, further similar transactions supporting the development and modernisation of the Polish power system can be expected. NORD/LB has announced that it will continue its strategy of supporting the energy transition in Poland, offering flexible and tailored financing solutions.
Photo: Eurowind Energy
