- Nextwind said that it had secured 1.4 billion euros in debt financing for the expansion of a wind energy project in Germany.
- Nextwind CEO Lars Meyer said in a statement that the new financing would help Nextwind upgrade its wind farms more quickly.
Nextwind, a European renewable energy provider, said that it had secured 1.4 billion euros ($1.6 billion) in debt financing for expanding a wind energy project in Germany.
The deal includes the possibility of raising a further 1.3 billion euros in the next five years if the Berlin-based firm hits capacity targets. The company said the financing was the largest by an independent wind energy firm in Germany.
Deutsche Bank, ING Bank and LBBW served as underwriters for the deal as well as participating in the financing, according to a person familiar with the transaction.
Nextwind said it aims to increase its total onshore wind generation capacity to 3 gigawatts (GW) by 2028.
The financing comes at a time when European wind energy companies have been impacted by U.S. President Donald Trump halting new federal offshore wind leasing this year.
In January, European wind power stocks fell after Trump said he would try to ensure that “no windmills” were built on his watch, two weeks before starting his presidential term. Closer to home, threats from Germany’s far-right AfD party also linger over an otherwise strong wind energy sector.
Nextwind CEO Lars Meyer said in a statement that the new financing would help Nextwind upgrade its wind farms more quickly. It plans to “repower” more than half of its 37 wind farms, improving them with new technology.
Its current capacity stands at 450 megawatts. Nextwind said that, in addition to repowering, it also plans to acquire additional wind turbines.
Once repowering is complete, the company hopes to promote individual wind farms as green investment opportunities to investors, according to its statement.