In a significant development in the renewable energy sector, VSB, in collaboration with Landesbank Baden-Württemberg (LBBW) and Deutsche Zentral-Genossenschaftsbank (DZ BANK), has successfully secured €211 million in financing for the Elster Repowering wind farm project in Saxony-Anhalt, Germany.
The financial closing for this ambitious venture occurred at the end of August 2023, marking a crucial milestone in the renewable energy landscape.
The primary objective of this project is to revamp the Elster wind farm in the district of Wittenberg. Outdated wind turbines, numbering 50, will be replaced with 16 modern, highly efficient ones. This upgrade is expected to result in a substantial capacity increase to 106 megawatts (MW). Remarkably, this significant boost in energy generation will be achieved while utilizing less than two-thirds of the original land area, reflecting a sixfold increase in energy yield efficiency.
Lucas Förschner, Head of Finance at VSB, expressed his satisfaction, stating, “We are proud to have found in LBBW and DZ BANK two trustworthy and highly professional partners to help us finance this major project. We look forward to implementing the project together.”
Jens Heil, Head of Sustainable Energy Finance at LBBW, emphasized the alignment of the project with their principles, saying, “The scale of this project and the vision demonstrated by VSB are in line with our principles of promoting sustainable solutions for the future and implementing them together with our customers. It is important for us to be a part of this journey of transformation.”
Legal guidance for this venture was provided by Watson Farley & Williams, ensuring a robust and legally sound financing arrangement.
The Elster Repowering wind farm is expected to become operational in the first half of 2025, contributing significantly to Germany's renewable energy goals and representing a commendable step towards a greener and more sustainable future.
