The Trade Finance Magazine has announced and published Landsvirkjun´s ECA financing for Budarhals power station as Deal of the Year for 2011.
Landsvirkjun received the award for the ECA backed financing agreement the Company signed for a supply agreement for the production and supply of electromechanical material for Budarhals power station. The loan agreement amounted to approx. USD 45 million.
Trade Finance Magazine, a part of Euromoney, granted Landsvirkjun the award by comparing financing agreements in Europe, Middle East and Africa in 2011. In the selection committee's statement it says, amongst other things, that in the context of Europe's liquidity freeze it is noteworthy that an Icelandic hydropower project was able to secure financing for 21 years.