The state-owned Norwegian Export Credit Guarantee Agency (GIEK) has brought its offshore wind portfolio support to $453m (€404m), following its recent €152m coverage for Nexans Norway’s Seagreen cabling contract.
GIEK said it has quadrupled its support in the offshore wind sector since the end of last year and is seeking new business worldwide as part of its mandate to bolster the participation of Norwegian exporters in the sector.
GIEK chief executive Wenche Nistad (pictured) said: “Offshore wind is really gaining momentum and is a great example of how we can actively help Norwegian industry re-channel by opening the door to new markets for existing wind expertise and other companies looking to extend their reach into green technology.
“By choosing a Norwegian supplier you can count on receiving good financing from GIEK in support of the purchase.”
GIEK said it has also signed deals with Aibel and Fred Olsen Windcarrier, as well as the support for Nexans.
Service delivery guarantees totalling Nkr1.3bn at the end of last year helped Norwegian supplier Aibel to clinch contracts on the Dogger Bank offshore wind farm off the UK east coast and the DolWin 5 offshore grid connection project in the German North Sea
In February, GIEK agreed a third deal that provides a guarantee to Fred Olsen Windcarrier for a loan in Taiwanese dollars from Taiwanese banks.
The Norwegian installation specialist will use its jack-ups to install turbines on the 589MW Changfang Xidao offshore wind farm off the coast of Changhua County.
Overall, GIEK manages an international portfolio of export-related guarantees that today totals $8.5bn.
Its focus has traditionally been oil and gas and shipbuilding followed by fisheries and aquaculture, but the organisation has now widened its mission to include offshore wind.
Nistad said: “We have a lot of experience, especially from offshore and shipping, in participating in complex international projects involving many players and financing institutions. We’re bringing that expertise into the process for offshore wind.”
She added that more projects are already in the pipeline, and GIEK is keen to hear from project owners and their banks worldwide.