KfW Ipex, the commercial arm of the German development bank, has closed two financing packages.

The first is an €85mn loan to Norwegian shipping company Fred Olsen Windcarrier for the purchase of two offshore windfarm installation ships. The finance was supported by a €60mn loan from Danish Ship Finance, bringing the total package to €145mn.

The ships will be built in Lamprell Shipyard, Dubai, with equipment coming from German companies, including drive systems from Voith Turbo, auxiliary diesel engines from MAN, generators from ABB and electronic control units from Siemens.

The second is a €60mn loan to Ford Otomotiv Sanayim, Turkey, to finance the modernisation of its plant. The company is a joint venture between Ford and Koç Group. The final assembly line will be provided by the German company Durr Systems.