Rabobank has extended a €32.9mn loan to Dutch company Lagerwey for the export of 11 wind turbines to a Finnish wind project.

The bank was approached by project sponsors Maas Capital (a subsidiary of ABN Amro) and Yard Energy for the financing, and worked with Dutch export credit insurer Atradius Dutch State Business (DSB), which is covering 85% of the loan through government export credit insurance. This is Atradius DSB’s first onshore wind project financing.

With a project cost of approximately €45mn, this is the biggest order for Lagerwey this year, which is to supply the turbines to two onshore wind farms in Finland. According to CEO Huib Morelisse, this project is important for the company’s expansion: “With this project in Finland we are entering the next ‘league’ […] We will show that we can realise large projects outside of the Netherlands too.”

Steven Le Poole, Lagerwey’s CFO, adds: “The confidence of the Dutch funding parties and export credit insurer Atradius Dutch State Business underlines our expertise in creating good bankable products for both domestic and foreign markets – we are proud of that!”

Marc Schmitz, senior vice president of Rabobank’s project finance department, says the bank and Lagerway have worked together several times already in financing wind projects, but the size of the manufacturer has been an obstacle thus far in expanding internationally. “This project and Rabobank’s support can turn this around. Based on the positive financial results, the Yard’s expertise and Lagerwey’s new, highly experienced management, Finnish wind is definitely in good hands. This project will help Lagerwey to double turnover in a short time. ”