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MELBOURNE, Australia, Dec. 23, 2021 /PRNewswire/ -- In partnership with Global Power Generation (GPG), Deutsche Bank AG and Sinosure, Vestas has led another successful payment deferral facility, this time for the Crookwell 3 Wind Farm, valued at $72M AUD. Aimed to extend a project's short-term payment terms over the construction period and beyond, Vestas' Financial Solutions in Asia Pacific/China executed the Export Credit Agency (ECA) backed facility. This facility was structured and executed in a little over two months.
Driving Vestas' ambition to accelerate the deployment of renewables and continue to provide energy solutions throughout the value chain, this mechanism provides another path for financial backing and project returns.
Crookwell 3 Wind Farm is the fourth project to benefit from this financial solution led by Vestas' Financial Solutions team in Asia Pacific/China. Earlier this year, the team structured the largest known payment deferral facility for GPG's Hawkesdale, Ryan Corner and Berrybank 2 wind farms. These four facilities now amount to a total value of $500M AUD.
"Vestas is proud that our partners not only utilize our leading technology, but also turn to us for our market experience and broad energy solutions which aim to bring the best return of investment for their wind farm," said Purvin Patel, President of Vestas Asia Pacific. "We are pleased to continue our valuable collaboration with GPG, Deutsche Bank AG and Sinosure, as we champion their sustainable energy agenda."
"We are very pleased to partner with GPG, Deutsche Bank and Sinosure again. It not only demonstrates our in-house capability to replicate previously executed financing solutions but also our ability to execute 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 collaborate with world-class financial institutions such as Deutsche Bank and Sinosure, who support our industry, ensure that we continue to provide innovative solutions to our customers and optimise the returns across their projects."
"Reliable financing for renewable energy in Asia Pacific is vitally important, and we are very proud of the key role we play in supporting increased capacity of sustainable power generation in this part of the world," said Matthew Moodey, Deutsche Bank Asia Pacific Head of Natural Resource Finance. "This transaction, completed swiftly on the heels of the ground-breaking transaction we announced in April, was only possible through our strong continued partnership with Vestas and GPG."
"At GPG, we are very pleased with the closing of this landmark transaction. It contributes significantly to enhance value creation in our growing portfolio of wind projects in Australia. This has been the fourth payment deferral facility arranged for our projects in the country in less than one year and it will allow GPG to continue pursuing new opportunities as it optimizes timing and amount of capital contribution. We are grateful to all parties involved in making this deal possible and especially to Vestas and their Asia Pacific/China Financial Solutions team," said Alfonso Egaña, GPG's Chief Financial Officer.
Once complete, Crookwell 3 Wind Farm is set to power approximately 40,000 homes and create around 95 jobs during the peak of its construction.
About Vestas
Vestas is the energy industry's global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 145 GW of wind turbines in 85 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 123 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas' more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.
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