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German renewables developer VSB Group has secured a EUR-211-million (USD 223.6m) loan to repower the Elster wind park in Saxony-Anhalt, more than tripling the site’s capacity to 105.6 MW.
The loan was agreed upon with local lenders Landesbank Baden-Wuerttemberg (LBBW) and Deutsche Zentral-Genossenschaftsbank (DZ BANK) and marks the largest and most significant financing in VSB’s history since its inception in 1996, the company said in a statement released today.
Described as one of the largest repowering projects in Europe, the initiative undertaken by VSB will see the replacement of 50 outdated wind turbines with 16 new Siemens Gamesa ones, resulting in a six-time increase in the energy yield to 235 GWh per year.
The German renewables firm started the repowering of the Elster wind farm in May. The facility, which is located in the Lutherstadt-Wittenberg district, is expected to become operational in the first half of 2025.
(EUR 1 = USD 1.059)
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