German wind energy company REpower Systems AG last week said it has signed an agreement with a consortium of 12 German and international banks for a syndicated loan of €600 million.

The three-year loan will be given in two tranches with €500 million and €100 million each. The first tranche will be for the provision with warranties and guarantees while the second will be provided as working capital.

REpower CFO Pieter Wasmuth said the loan will set the course for the company’s growth targets for fiscal year 2009-2010.

REpower, which holds over 10% of Germany’s wind energy market, recently reported making €1.2 billion in sales for the fiscal year 2008-2009 for the first time. For 2009-2010, the company projects its sales to increase to €1.4-1.5 billion.

The German and international banks were led by Bayerische Hypo- und Vereinsbank AG, Deutsche Bank AG, Dresdner Kleinwort – a brand of Commerzbank AG – Euler Hermes Kreditversicherungs-AG, HSH Nordbank AG, and The Royal Bank of Scotland plc

Last month, the company’s UK subsidiary announced the awarding of a supply contract for 72 wind turbines for four wind projects on the northeast coast of Scotland by 2010.


-  Eric Dorente

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Source:

¹ http://www.repower.de/index.php?id=151&backPID=25&tt_news=2439&L=1'