Siemens Gamesa has signed a bank guarantee line for up to €600m to cover the construction of turbine components for the 1400MW Hornsea 2 offshore wind farm off the east coast of England.
BNP Paribas was the lead manager on the deal, which also included the participation of BBVA, Mizuho and Santander.
The funding is tied to environment, social and governance (ESG) criteria.
Under the terms of the deal, the company will pay a premium in the event that it fails to achieve the defined ESG targets, otherwise, the premium will be paid by BNP Paribas, together with BBVA and Santander.
Siemens Gamesa said that in either case, the premium will be used to finance a cancer research project directed by Eduardo Lopez Collazo, scientific director of Hospital La Paz Institute for Health Research in Madrid, Spain.
The research project seeks to identify sources of metastasis in breast cancer with a view to preventing tumour cells from spreading.
Siemens Gamesa acting chief financial officer Thomas Spannring said: “This deal is a continuation of Siemens Gamesa’s focus on sustainability in finance and strengthens it at a difficult time for all of society, in which we must go that extra mile in supporting medical research.
“It is very gratifying to be able to make a contribution.”
BNP Paribas Spain head of global trade solutions Maria Fernanda Picon said: “Putting ESG objectives at the centre of this guarantee mechanism for Siemens Gamesa highlights how sustainable finance can be a driver for channeling capital towards positive impact.
“In this current environment, it is important that the financial industry and corporates embrace innovation in solidarity to support healthcare, whilst accelerating a green recovery.”
Lopez Collazo said: “We are in the midst of an emergency – one in which science has taken on a very prominent role, in both political and social terms.
“After Covid-19, there will still be other health problems that were here before and will not have gone away.
“My group has been seeking an explanation for metastasis for the last two decades; it’s a task that needs funding, and one whose success is synonymous with life.”
Hornsea 2 will comprise 165 Siemens Gamesa 8.0-167 turbines.