(Wiesbaden, 27 November 2009) The Wiesbaden-based project developer, ABO Wind, has again proven its particular competence with the financing of wind farms. In spite of the specific hurdles, which need to be overcome in the times of the financial crisis, within a few months it has succeeded in getting a second Irish project off the ground. The contracts with a bank syndicate comprised of Commerzbank and Nord LB have been signed. The construction of the EUR 42 million project in Gortahile (County Laois), in the heart of Ireland, can now begin quickly. Its commissioning is planned for late summer 2010.
The planned wind farm, with eight Nordex N90 turbines, with 2.5 megawatts each of nominal capacity, a 90-metre rotor diameter and a hub height of 80 metres, has a turbulent history for the Wiesbaden-based project developer. The wind farm had already been sold to the Danish fund, Green Wind Energy, in summer 2008. ABO Wind was intended to carry out the turnkey construction. However, Green Wind Energy did not succeed in obtaining financing under the difficult conditions of the financial crisis. Another delay would not have been reconcilable with the conditions of the building approval. In order to avoid putting the project at risk, ABO Wind therefore decided to repurchase it in autumn 2009. Within a few weeks, the experienced financial specialists at ABO Wind surrounding Sönke Voigt succeeded in fulfilling all of the banks’ requirements.
Executive Management Board Member, Jochen Ahn, now sees very good possibilities for reselling the project. Numerous investors have already announced their interest. This is not surprising, as the wind conditions at the location are excellent – at the hub height of the turbine, the wind blows with an average speed of more than 8 metres per second. This offers the guarantee of high energy yields (approx. 76 gigawatt hours per year) and very good profitability. The electricity production from wind power is possible at this location, at prices which are only minimally above those for conventional power plants – and it is well known that the external costs, such as for climate damage, are not taken into account.
In the summer, ABO Wind already financed another wind farm in Ireland: In Glenough, in the south, 13 wind turbines, also of the Nordex N 90 type, are currently being built. This wind farm, with an investment volume of EUR 71 million, shall remain in the ownership of the Group of companies and after commissioning, which is envisaged for the end of 2010, it will be operated by the subsidiary, Eurowind, which is building up a European wind power portfolio.
“With both large projects in Gortahile and Glenough, Ireland has established itself as a third important market for ABO Wind”, says Executive Management Board Member, Jochen Ahn. The successes of the Wiesbaden-based project developer on the Emerald Isle are also substantiated by a building approval, which was recently granted for another wind farm. In Gibbet Hill, in eastern Ireland, ABO Wind is planning another farm with six 2.5 megawatt turbines.
So far, the company, which was founded in 1996, has connected 52 wind farms to the grid in France and Germany. ABO Wind is also currently developing projects in Argentina, Belgium, Bulgaria, Scotland and Spain. Over all, nearly 130 employees are processing the plans for wind farms, with a total capacity of 1,200 megawatts of nominal capacity.
ABO Wind is currently offering investors the opportunity to share in the company’s positive development through participation rights with a guaranteed interest rate of 8 percent.
Should you have any further questions, please contact:
ABO Wind AG
Alexander Koffka
Unter den Eichen 7
65195 Wiesbaden
Germany
Tel. +49(0)6 11 / 26 765 - 515
Fax +49(0)6 11 / 26 765 - 599
koffka@abo-wind.de
www.abo-wind.com
(Wiesbaden, July 28th, 2009) In the south of Ireland, German project developer ABO Wind is currently developing the largest project of its 13 year business history. After lengthy negotiations, the 71 million euro project has been financially secured. The financial crisis severely hampered dialogue with the banks. “That we would have to spend so much time and energy was not deemed possible by us in the middle of 2008. But the economic environment has gone through elemental changes since then.” Dr. Jochen Ahn, president of ABO Wind AG, is all the more happy that it was possible to pave the way for the Glenough wind farm in spite of the circumstances imposed by the financial crisis.
The construction of the 13 Nordex turbines, each with a nominal power of 2.5 megawatt, will begin during the 2009 summer as planned. Commissioning is planned for the end of 2010. Excellent wind conditions at the site in the Irish county of Tipperary allow for power production at price levels which are only slightly higher than those of conAventional power generation. Dr. Ahn emphasizes. At the 80m turbine hub height the average wind speed is 9 meters per second. The wind farm will annually produce around 120 gigawatt hours of clean energy and therefore substantially contribute to the reduction of CO2 emissions by around 100.000 tons per year.
At the same time Glenough completes the international wind power portfolio of Eurowind AG. This subsidiary of ABO Wind comprises five wind farms in Germany, France and Ireland that remain in the group’s portfolio. “With Eurowind we opened up a new field of business. Our emphasis continues to be on the development of wind energy projects and the subsequent sale to investors. But with the operation of our own wind farms and the feeding-in of produced energy at state-guaranteed prices, we access yet another link of the value-added chain.” In the current financial situation (due to the financial crisis) director Dr. Ahn greatly appreciates the opportunity to keep certain projects within the group’s portfolio.
In total, the Eurowind portfolio comprises 56 megawatt of nominal power: One Eurowind wind farm in the North Rhine-Westphalian Broich has been connected to the power grid for 18 months and since then has exceeded the projected output considerably. The wind farms in Düngenheim (Rhineland-Palatinate) and Repperndorf (Bavaria) have been producing clean energy since the beginning of the year. Another wind farm in Cuq (France) is currently under construction and will be connected to the grid during 2009. As the last of the five Eurowind wind farms, Glenough in Ireland will produce energy by the end of 2010.
Private investors have the opportunity to invest in the European wind power portfolio and thereby profit from the guaranteed feed-in tariffs for wind power. The Umweltbank issues Eurowind-participation-certificates with different durations in the volume of 13 million Euro. They will be traded in Germany and France with a 6-7 % interest rate. The prospectus wilAl be available no later than the end of September 2009. Interested parties are invited to make reservations with ABO Wind AG.
For questions you may contact
ABO Wind AG
Press Spokesman Alexander Koffka
Unter den Eichen 7
65195 Wiesbaden
Germany
Tel. +49(0)6 11 / 26 765 - 515
Fax +49(0)6 11 / 26 765 - 599
koffka@abo-wind.de
www.abo-wind.com
(Wiesbaden, 15 June 2009) Wiesbaden-based ABO Wind AG has ended the financial year 2008 with a record result. In comparison to the already very successful year 2007, it has succeeded in increasing the net profit again by 77 percent – from EUR 2.7 million to EUR 4.8 million. The result is all the more impressive, as the global banking and financial crisis also slowed down ABO Wind in the second half of the year. Particularly the debt financing of foreign projects became more difficult since then. However, ABO Wind is profiting from improved political conditions and the good market position, which the company has developed in the 13 years sAince its establishment.
Nine wind farms with a total capacity of 65 megawatts (MW) were commissioned by ABO Wind in the previous year. However, the emphasis of activities was on the planning of wind turbines and, to a smaller extent, bioenergy plants, to be realised in the future. In Ireland, success was achieved with a splendid market entry and the erection of two large wind farms, with 21 MW and 33 MW is imminent. Additional major projects are, inter alia, in preparation in Spain, so that France and Germany will receive competition as traditional key markets of ABO Wind. ABO Wind is also beginning to establish itself and secure locations in other promising countries, such as Bulgaria. Overall, projects with nominal capacity of 1,000 megawatts are currently in the portfolio, in eight European countries, as well as in Argentina. Of this, more than half have already reached a concrete planning stage. Therefore, ABO Wind can anticipate many more successful years.
In order to further consolidate its good market position, to compete for lucrative locations and master the challenges of the financial crisis, ABO Wind has increased its number of employees from 80 to 120 within one year. The growth affects all countries in which ABO Wind is currently active. The still planned expansion in new markets has been postponed due to the global financial crisis.
In addition to the project development and operations management on behalf of the owners, ABO Wind has also had wind tuArbines under its own ownership since 2008. Under the umbrella of its subsidiary, Eurowind AG, a portfolio comprised of five wind farms is being created, with a value of more than Euro 100 million, which are situated in Germany, France and Ireland and generate a total capacity of 56 megawatts. Three of these wind farms have now been connected to the grid, the completion of the fourth is planned for 2009, the fifth will be built in 2010. The expansion of the business field to the operation of wind farms secures long-term, reliable income for ABO Wind from state-guaranteed electricity feeding tariffs. Private investors can directly participate in the additional economic pillar of ABO Wind. Umweltbank AG, Nuremberg, is currently preparing the issue and sale of Eurowind profit participation certificates in a volume of Euro 13 million.
In addition to the balance sheet for ABO Wind AG, a balance sheet for the ABO Wind Group has also been prepared. Although the calculated initial investments in the setup of the wind farm portfolio in the new Operations division (Eurowind AG) burden the balance sheet, the Group shows a pleasing net profit of around EUR 869,000.
Since 1996, ABO Wind has connected 233 wind turbines with a nominal capacity of 357 megawatts to the grid. These turbines produce around 700,000 megawatt hours per year. The supply 230,000 households with environmentally friendly electricity and avoid emissions of 600,000 tons of carbon dioxide per year – as well as numerous additional pollutants.
ABO Wind shows that it is up to the challenges of the financial crisis. Obtaining loans for the projects require significantly more effort. Financings have been delayed in several cases. However, the company has maintained financial scope to continue acquiring project rights and utilise the opportunities that renewable energies also offer in difficult times. The equity ratio (including mezzanine loans for EUR 3 million) continues to be very solid at 43 percent and only fell slightly in comparison with the previous year (47 percent). Particularly the numerous wind farms, which are undergoing development internationally, allows it to be anticipated that ABO Wind has additional successful years ahead of it.
Should you have any further questions, please contact:
ABO Wind AG
Alexander Koffka
Unter den Eichen 7
D-65195 Wiesbaden
Tel. +49(0)6 11 / 26 765 - 515
Fax +49(0)6 11 / 26 765 - 599
koffka@abo-wind.de
www.abo-wind.de
