KfW IPEX-Bank finances world's second largest photovoltaic power plant in Brandenburg

In the former military training area of Lieberose north of Cottbus, the project developer juwi from Rheinland Palatinate and the solar module manufacturer First Solar are busy constructing the power plant, which will have an overall output of 53 MWp and will occupy an area of 162 ha. The plant will generate some 53 million kWh of environmentally friendly electricity each year, enough to supply around 15,000 households.

The debt capital of up to EUR 130 million (depending on the final overall capacity) will be provided by a syndicate of banks under the lead management of KfW IPEX-Bank and under participation of NORD/LB, DZ Bank, Helaba and Bremer Landesbank. KfW IPEX-Bank will be providing around one third of the volume. The total term is 18 years. The relevant agreements were signed a few days ago. The long-term financing also includes funds from the promotional programmes of the European Investment Bank and KfW Bankengruppe.

The plant will be equipped with thin-film modules supplied by the German subsidiary of market leader First Solar in Frankfurt/Oder. The plant is scheduled for completion by the end of 2009. Over 20 years the project will benefit from guaranteed feed-in tariffs under the Renewable Energies Act.

The photovoltaic power plant at Turnow-Preilack is under construction on the site of a former contaminated military training area, which is to be restored to its natural state after its use for solar power generation. The financing of projects in the area of renewable energies is an integral part of the range of offerings of KfW IPEX-Bank and contributes to protecting the environment and the climate.

About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of April 2009) and is represented in the key economic and financial centres around the globe.