Melbourne, Australia, 23 Dec 2021 / PRNewswire / – Working with Global Power Generation (GPG), Deutsche Bank AG and Sinosure, Vestas has managed another successful deferred payment facility, this time for the Crookwell 3 wind farm, worth $ 72 million AUD. With the aim of extending the short-term payment terms of a project beyond the construction period and beyond, Vestas’ Financial Solutions in Asia Pacific/China has executed the facility supported by the Export Credit Agency (ECA). This facility was structured and executed in just over two months.
This mechanism drives Vestas’ drive to accelerate the use of renewable energies and continue to deliver energy solutions along the entire value chain, and provides another avenue for financial support and project revenue.
Crookwell 3 wind farm is the fourth project to benefit from this financial solution under the leadership of Vestas’ Financial Solutions team Asia Pacific/China. Earlier this year, the team structured the largest known deferred payment facility for GPGs Hawkesdale, Ryan Corner and Berrybank 2 wind farms. These four facilities now add up to a total of $ 500 million AUD.
âVestas prides itself on the fact that our partners not only use our leading technology, but also because of our Market experience and comprehensive energy solutions aimed at getting the best return on your wind farm, “ said Purvin Patel, President of Vestas Asia Pacific. âWe look forward to continuing our valuable collaboration with GPG, Deutsche Bank AG and Sinosure, as we are committed to their sustainable energy agenda. “
“We are very happy about the renewed partnership with GPG, Deutsche Bank and Sinosure. It not only demonstrates our in-house ability to replicate previously executed financing solutions, but also our ability to implement such solutions in a very short period of time, ” said Glenn Sundaram, Head of Financial Solutions Vestas Asia Pacific /China. “Our ability to leverage strong relationships and work with world-class financial institutions such as Deutsche Bank and Sinosure that support our industry, ensure that we continue to offer our customers innovative solutions and optimize the returns on their projects. ”
âReliable financing of renewable energies in Asia Pacific is vital and we are very proud of the key role we play in promoting increased sustainable power generation capacity in this part of the world, “said Matthew Moodey, Deutsche Bank Asia Pacific Head of Natural Resource Finance. “This transaction, which was swiftly completed following the groundbreaking deal we announced in April, was only possible thanks to our strong continued partnership with Vestas and GPG.”
âWe at GPG are very excited about the completion of this landmark transaction. It contributes significantly to increasing the added value in our growing portfolio of wind projects in Australia. This was the fourth deferred payment facility agreed for our projects in the country in less than a year and will allow GPG to keep pursuing new opportunities as it optimizes the timing and amount of the capital contribution. We are grateful to everyone involved who made this deal possible, especially Vestas and theirs Asia Pacific/ Chinese financial solutions team, “ said Alfonso EgaÃ±a, GPG’s Chief Financial Officer.
After its completion, the Crookwell 3 wind farm will supply around 40,000 households with electricity and create around 95 jobs during the construction height.
Vestas is the global partner of the energy industry for sustainable energy solutions. We design, manufacture, install and maintain onshore and offshore wind turbines around the world, and with more than 145 GW wind turbines in 85 countries, we have installed more wind power than anyone. With our industry-leading smart data capabilities and unprecedented 123 GW of operating wind turbines, we use data to interpret, predict and utilize wind resources and provide world-class wind power solutions. Together with our customers, Vestas’ more than 29,000 employees bring sustainable energy solutions to the world for a bright future.
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SOURCE Vestas Asia Pacific