The European Investment Bank and CaixaBank have signed a €50m counter-guarantee agreement to support Navantia Seanergies’ offshore wind manufacturing operations.
The deal will allow CaixaBank to create a green trade finance facility of at least €100m to back Navantia’s renewable energy division in delivering offshore wind substations and foundations.
The agreement will enable Navantia Seanergies to secure advance payments, provide performance guarantees and strengthen supplier financing for new projects.
Manufacturing will take place at the company’s facilities in Fene in Galicia and Puerto Real in Andalucía, both cohesion regions with below-average EU per capita income.
EIB director of financial institutions Gemma Feliciani said: “This new risk sharing agreement will unlock investments in offshore wind components carried-out by Navantia Seanergies contributing to accelerate the energy transition in Europe while strengthening its industrial competitiveness and strategic autonomy.”
CaixaBank institutional banking managing director Javier Broncano said the deal marks the bank’s first green trade finance facility with EIB coverage.
Navantia Seanergies vice president Javier Herrador said: “This agreement is highly relevant for continuing to accelerate the energy transition and generating value throughout the entire industrial ecosystem, as it allows us to tackle new offshore wind projects with greater financial strength and to drive the growth of our network of partner companies-many of them local SMEs.”
The financing is part of the EIB’s €5bn wind power package launched in 2023 to boost European wind manufacturing and enable 32GW of new installed capacity.
The operation is backed by the EU’s InvestEU programme to mobilise public and private investment aligned with climate and industrial policy goals.