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LBBW, DZ Bank and VSB: Financing in Place for One of the Largest Repowering Projects in Europe

Dresden, Germany - More and more wind turbines are reaching the end of their operating life and are being replaced by new and more powerful wind turbines.

The financing for one of the largest wind energy repowering projects in Europe has now been secured.

LBBW and DZ BANK are securing the implementation of VSB's "Elster" repowering project with a total financing volume of EUR 211 million.

Repowering Windpark Elster: Significantly fewer wind turbines - more electricity output

The Dresden-based project developer VSB is planning the repowering of the Elster wind farm in Saxony-Anhalt. 50 obsolete wind turbines will be replaced by 16 modern and efficient Siemens Gamesa turbines (type SG 6.6-155), each with an output of 6.6 MW. On less than two-thirds of the original area, the energy yield will thus be increased six-fold. The wind farm will have a capacity of 105.6 MW and generate around 235 GWh (235 million kWh) per year - enough to supply 67,000 three-person households with renewable energy. Commissioning is planned for the first half of 2025.

Project financing completed

VSB, in cooperation with LBBW (Landesbank Baden-Württemberg) and DZ BANK (Deutsche Zentral-Genossenschaftsbank), has now successfully completed the project financing of 211 million euros. The financial closing took place at the end of August 2023. In the history of VSB, the financing is the largest and most significant to date since the start of business activities in 1996.

Source: IWR Online, 28 Sep 2023