Dutch Financers Realize Wind Farm with Lagerwey Turbines

Dutch investors YARD ENERGY and Maas Capital (a subsidiary of ABN AMRO bank) will realize two wind farms in Finland. The Dutch wind turbines, with a total capacity of 27.5 MW, designed and assembled by Lagerwey in the Netherlands, will deliver power to over 20,000 households in Finland by the beginning of next year. The total investment is around $48 million, (€45 million), making this the largest order for Lagerwey this year. Huib Morelisse, CEO of Lagerwey: “With this order we show that we are capable of realizing large projects outside of the Netherlands”. Steven Le Poole, CFO of Lagerwey adds: “The trust of the Dutch financers and of export credit insurer Atradius Dutch State Business underlines the fact that we have a well fundable product for the domestic and foreign market and we are proud of that!” 

For shareholders YARD ENERGY and Maas Capital this transaction is an important step towards realizing their growth ambitions in the sustainable energy sector. YARD ENERGY has over 10 years of experience in the development, building and operation of sustainable energy projects and focuses on on-shore projects in the North of Europe. Investor Maas Capital plays an increasingly important role in the sustainable energy sector. Frederik Deutman, Managing Director of Maas Capital: “This transaction is the perfect example of how we support Dutch partners in their international growth ambitions.” Kevin Dijkers, Managing Director of YARD ENERGY: “The support of our financial partners, ABN AMRO, Rabobank and Atradius Dutch State Business, confirms our conviction in the achievability of our strong growth ambitions.”

Rabobank, house bank of Lagerwey, enabled this project in its role as financing party. The bank, together with YARD ENERGY has financed Lagerwey wind turbine projects before and are very positive about their performance. Rabobank is a leading player in financing international sustainable energy projects and has provided its expertise to make the project possible. Marc Schmitz, Senior Vice President of Rabobank Project Finance: "We are proud of the fact that we, in close cooperation with Atradius Dutch State Business, have been able to support Dutch companies in their expansion abroad.”

Dutch export credit insurer Atradius Dutch State Business has provided Government export credit insurance. Bert Bruning, General Manager of Atradius Dutch State Business: “We have supported various wind energy transactions in the past. However it has been a while that we have supported a Dutch wind turbine manufacturer. On behalf of the Dutch Government a significant contribution is made to facilitate the export of Dutch sustainable energy technology.”

With this project the Dutch parties show they are able to seize opportunities that the growing sustainable energy sector provides outside the Netherlands. This project also contributes to the sustainable energy objectives of both Finland and Europe.