NORDIC INVESTMENT BANK DECEMBER 2008 Winds of Change

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NORDIC INVESTMENT BANK DECEMBER 2008 Winds of Change NORDIC INVESTMENT BANK DECEMBER 2008 Winds of change Danish DONG Energy is building the world’s largest offshore wind turbine park Financing environmental action CLEERE and BASE lending facilities in operation BULLETIN DECEMBER 2008 4 Where the wind blows The world’s largest offshore wind turbine park CONTENTS NIB in in the making 7 Moventas: favourable winds good and Finnish wind turbine manufacturer expanding production 8 Latvenergo’s investments address climate change LETTER FROM THE PRESIDENT LETTER FROM bad times 10 Baltic Sea needs political commitment THE PRESIDENT LETTER FROM Interview with Ambassador Ole Norrback 11 NIB’s environmental lending facilities in operation 12 Environmental investments in Ukraine authorities providing both liquidity and capital have served to prevent a collapse 14 Amber One of the financial system, but the financial Building Europe’s new north-south corridor sector is clearly not performing its KI Ä normal function of intermediating M U 16 Getinge grows for cost efficiency savings into investments. OIV This has shed new light on the role K 18 Gauging competitiveness calls for expertise of the IFIs. On the one hand, their good ARJO Interview with Martin Carlens, NIB’s Head of Mandate standing in the financial markets has, at : M least so far, provided stable access to the HOTO 20 Competitiveness in focus funding markets, which has enabled P them to fill some of the gaps that the Projects in Denmark, Estonia and Norway private sector has been unable or The role of and the need for Interna- adjust their resources to a lower level of unwilling to fill in the new situation. 22 NIB in brief tional Financial Institutions (IFI) have activity. NIB concluded that its relative On the other hand, they have in many been questioned in many quarters in advantages—access to long-term funding cases been able to take on a catalytic role recent years. While the individual IFIs and cross-border financing—should be which has made it possible for the are dissimilar and have been founded for employed to enhance competitiveness private sector to participate in the different purposes, they are all expected and the environment through activities funding of different activities. In many to perform functions that the private where these relative advantages could cases, the IFIs are in these difficult financial sector is not able or willing to best be used. Hence, the environment, circumstances asked and expected to step do. These functions have varied from energy, infrastructure and innovations outside their normal roles, as the raising long-term funds at reasonable were identified as focus areas. These are financial system is grossly malfunctioning rates for the financing of projects to activities in which NIB can provide and thus posing a severe threat to the reducing risks. added value, in particular during global economy. In the last few years, however, the ”normal circumstances”. While the last few months and years private sector has been both able and However, ”normal times” do not show how rapidly the situation can willing to take on these tasks. Ample seem to exist in the financial markets. change and with that the expectations liquidity, stable and rapid growth in the Risk-taking disappeared with the vis-à-vis the IFIs, these institutions will BULLETIN PUBLISHER COVER PHOTO world economy and the development of collapse of the so-called sub-prime have to plan their activities with a view NIB Bulletin is published in English. NORDIC INVESTMENT BANK DONG Energy A/S new instruments aimed at improving the market in the US in July 2007. This led to providing added value under normal Fabianinkatu 34 management of risks reduced the fund- to an abnormal situation in the financial circumstances. But, of course, they have EDITORS P.O. Box 249 NEW SUBSCRIPTIONS ing costs for private institutions and markets, with marked increases in to be flexible in their approach and be Editor-in-chief Jukka Ahonen, FI-00171 Helsinki, Finland Telephone +358 10 618 001 increased their risk appetite. The private funding costs (widening of risk spreads), prepared to adjust their activities in a Dimitrijs Alehins, Joan Löfgren, Telephone +358 10 618 001 or www.nib.int sector seemed to fill many of the gaps concomitant losses in financial way which best serves the needs of the Pamela Schönberg Fax +358 10 618 0725 that the IFIs had been designed for. institutions and severe funding problems. economy and the fulfilling of the Internet www.nib.int CHANGE OF ADDRESS This led to soul-searching and As a result, not only the funding economic policy targets set by the Layout E-mail [email protected] Fax +358 10 618 0723 reviews of mandates and resources in between financial institutions dried up authorities. McCann Worldgroup Helsinki Printed by many IFIs, including NIB. Some IFIs but also lending to the corporate and : DONG ENERGY A/S like the International Monetary Fund household sectors has been severely November 2008 Erweko Painotuote Oy, Helsinki had to review their income base and squeezed. Massive interventions by the Johnny Åkerholm, President and CEO PHOTO 2 BULLETIN DECEMBER 08 BULLETIN DECEMBER 08 3 ENERGY AND THE ENVIRONMENT AND ENERGY THE ENVIRONMENT AND ENERGY Where the wind blows Horns Rev II, the world’s largest offshore wind turbine park, will be built in the North Sea. PHOTO: DENNIS HAMRO-DROTZ The wind is blowing hard 40 kilometres Emilsson, First Vice-President and Head Soon we reach the foundations of Once in operation, the turbines will pro- “People are generally in favour of off the west coast of Denmark. Horns of Lending. Horns Rev II. Most of the monopiles duce 2.3 MW of electricity each. The wind power. They just do not want to Rev II, the world’s largest offshore wind and transition pieces have been installed. energy will be brought ashore via a cable have it in their backyard. Horns Rev II turbine park, will be built here in the UNIQUE LAYOUT INCREASES When weather conditions are right, it buried into the seabed. The production is so far from the coast that you can shallow waters of the North Sea. All in EFFICIENCY takes only a few hours to hammer one estimate is 800 GWh per year, which hardly see it. You can hear the noise only all, 91 wind turbines will be installed on A helicopter with NIB staff onboard foundation into the seabed. The founda- equals the consumption of 200,000 on the open sea when you are close to the sandy bottom to meet the energy takes off from the port of Esbjerg. At the tions form a unique layout of 13 yellow households. turbines and the waves are small. It takes needs of 200,000 households. time of the site visit about two thirds rows that bend slightly to ensure optimal two hours by boat to reach Horns Rev The Horns Rev II wind turbine park of the foundations for the new wind effi ciency. Twelve vessels and 500 people GREEN LIGHT FOR WIND POWER II,” says Lars Bie Jensen, Environmental is being constructed by DONG Energy, turbine park have been installed. have been employed to fi nalise the There is no doubt that Horns Rev II Manager at DONG Energy. the leading integrated gas, electricity and Horns Rev II underlines the trend installation. symbolises the efforts of the Danish The environmental impact is biggest heat utility company in Denmark. NIB towards offshore wind power utilisation Another novelty at Horns Rev II is government to increase the share of during the construction of the wind is fi nancing EUR 160 million of the in Denmark. It is expected that by 2015 the accommodation platform. Offshore renewables in energy production. The park. For example, when the foundations total project cost of EUR 448 million. four out of fi ve new wind farm installa- wind turbines need more maintenance park will open when the United Na- are installed, the noise can be harmful to “We are very proud to extend this tions will be offshore. Out at sea, the than their counterparts on land. It is tions Climate Change Convention is marine mammals. But at existing off- loan for wind power. This fi ts the Bank’s wind is more reliable and stronger than planned that in the summer period the held in Copenhagen in November 2009. shore wind parks there is evidence that mandate like a hand in a glove. Energy on land and the environmental impact park will be staffed to ensure effi cient A comprehensive environmental mammals have returned after the and the environment are both focus of such installations can be reduced. monitoring and operation. monitoring programme has already been construction phase. areas for our endeavours,” says Nils E. Before the park can be commis- carried out on the predecessors of Horns sioned, each row will be interconnected Rev II. At the macro level, wind power and linked with the transformer station. is largely supported. Environmental con- Wind turbines with a total length of 114 cerns relate to the impact on the imme- metres above sea level will be installed. diate surroundings of the wind parks. 4 BULLETIN DECEMBER 08 BULLETIN DECEMBER 08 5 NIB HAS EXPERIENCE WITH Moventas is one of the world’s leading nergy WIND POWER suppliers of mechanical power trans- In recent years, NIB has been very active mission equipment for the energy and in financing wind energy projects in process industries. Part of the company’s Denmark. Horns Rev I, which has success is built on its commitment to ANNIVERSARY already been completed, received a maintenance and after-sales service of PHOTO: DONG E th EUR 40 million loan from NIB.
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