KfW IPEX-Bank finances "Kuke" onshore wind farm in Finland

• Market entry: First wind financing by KfW IPEX-Bank in Finland
• Export support and environmental boon: German manufacturer Nordex delivers seventeen 3MW wind turbines

KfW IPEX-Bank is supporting the construction of the Kuolavaara-Keulakkopään Tuulipuisto Oy ("Kuke") wind farm in Finland with a loan of approx. EUR 100 million. Located in the country's northern Lapland region, the farm with a total output of 51 MW will comprise 17 wind turbine generators of the type N117-3000 supplied by the German manufacturer Nordex. Apart from erecting the 120-m-high turbines, the Rostock-based company will also be in charge of operation and maintenance for the first five years. The project sponsor is the English Impax Asset Management, a leading resource efficiency and environmental markets investor.

"Kuke is the first wind farm project we are financing in Finland. It is an important step for us since Finland is a key European growth market for renewable energies. The ambitious goals for expanding environment-friendly energy generation provide specialists like Nordex with good sales opportunities – a business that we like to support in our role as bank partner," said Markus Scheer, member of the Management Board of KfW IPEX-Bank.

Given its climatic conditions and energy-intensive industry, Finland has the highest per-capita energy consumption in Europe. In line with EU requirements the country has set itself the goal of covering altogether 38% of its energy consumption with renewable energies by 2020. Wind energy is to play a major role in meeting this goal.

Construction of the Kuke wind farm has already begun, and grid connection is expected during 2015.