EKF conquers yet another new market

The green transition is speeding up all over the world. EKF is delighted to be working once more with Siemens Gamesa on a project where Siemens Gamesa and EKF yet again cooperate globally and where the financial solutions serve our common customers.

This time EKF is assisting with the financing of a portfolio of onshore wind projects located in the southern part of the Alberta province of Canada that is a new market of common operation for Siemens Gamesa and EKF.

Possibility for major market
Alberta's economy is primarily driven by mining as well as the oil and gas industry, and the direct share of this alone constituted a quarter of the economy in 2020. EKF thus expects Canada to become a major market for onshore wind in future and is ready to assist with the green transition.

"There is huge potential in Canada for wind projects – also because there are good wind resources and structural conditions to support the green transition," says Peter Boeskov, CCO at EKF with responsibility for wind.

EKF has provided two guaranties all in all of DKK 935 M. for the projects – reinsured through the Green Future Fund.

New markets
The portfolio consists of two projects which will be developed and operated by Potentia Renewable Inc., Canada's leading renewable energy provider.

"This is a really exciting project, which both opens up a new market for EKF and is in a region which offers huge potential for Siemens Gamesa," says Peter Boeskov.

The two projects, Wheatland and Stirling, consist of 24 and 23 turbines respectively. Wheatland's 24 Siemens Gamesa turbines have a combined capacity of around 124 MW, while Stirling's 23 turbines have a combined capacity of 119 MW. The turbines that Siemens Gamesa will deliver for the projects are 5.0 MW and 5.2 MW turbines.

Project also covers infrastructure
In addition, the project covers infrastructure involving 16 kilometres of access routes, 31 kilometres of underground cables, a substation and a short transmission line of around 200 metres, which connects Wheatland to the existing 134 kV net.

Wheatland is intended to be ready in December 2022, and construction is already underway, while work on Stirling is expected to start by the end of 2022 and to be complete in December 2023. The two facilities can generate energy for 36,000 and 34,000 Canadian households respectively.

“We are proud to have been selected to provide our Siemens Gamesa 4.X platform turbines for these two projects,” says Shannon Sturgil, CEO of Onshore North America for Siemens Gamesa Renewable Energy.

“The cooperation between Siemens Gamesa and EKF has brought proven financial solutions to other markets, and we’re excited to now bring those opportunities for the first time to Canada. We also look forward to continuing and expanding our partnership with Potentia in Alberta in providing clean, renewable energy to Canadian households. Siemens Gamesa is strongly committed to the Canadian market and to the customers who have helped make the Siemens Gamesa 4.X platform a success”, says CEO of Onshore North America for Siemens Gamesa Renewable Energy.