EUROPE – Danish pension fund PFA has loaned DKK240m (€32.1m) to Bord Gais Eireann, the Irish state-owned energy company, to buy wind turbines for its 24MW Lisheen II wind farm near Moyne in County Tipperary, central Ireland.

The project amounts to a considerable extension to the existing wind farm.

The money, which will finance the purchase of turbines from Danish manufacturer Vestas, is guaranteed by EKF, the Danish Export Credit Agency.

Agent for the loan is the Royal Bank of Scotland.

Poul Kobberup, managing director at PFA Asset Management, said: “PFA’s money is being put to work for Danish export, and, at the same time, it is a good investment.

“In the future, we look forward to contributing to other attractive projects that will increase Danish exports for the benefit of Danish growth and employment.”

PFA has earmarked a total of DKK10bn for financing Danish export businesses for which EKF provides a guarantee.

Both parties expect the initial loans will be for long-term projects such as wind farms, with minimum amounts of DKK250m and long maturities.