Denmark´s Export Credit Agency (EKF) has approved a €1bn credit facility in cooperation with Santander Corporate & Investment Banking for Iberdrola to purchase wind turbines from Vestas and Siemens Gamesa.
The facility will be used to buy turbines bought from Vestas or Siemens Gamesa in Denmark.
EKF chief commercial officer Peter Boeskov said: “The facility affords Iberdrola the necessary flexibility to ensure a fast and large-scale expansion of its wind energy portfolio.
“In this transaction, EKF is not just financing a standalone wind project, but rather several large onshore and offshore projects in a number of countries.
“We are very pleased that by doing so, EKF is helping to promote the sales of Danish turbines for European wind projects.
“Importantly, these are orders which may not necessarily have landed in Denmark without EKF´s participation in this financing.”
Iberdrola global director of financing and treasury Jesus Martinez said: “With this €1bn loan, granted by Santander CIB and EKF, we are maintaining our commitment to a sustainable model that will enable us to continue leading the energy transition towards a low-carbon economy.
“This transaction is a milestone for all institutions involved, as it marks the path towards alliances between companies for a more sustainable world.”
Vestas chief sales officer Javier Rodriguez Diez said: “As the need to accelerate the green energy transition globally has never been more urgent, it is crucial that wind project developers have access to flexible financial solutions to enable a fast deployment of renewable energy across the world.
“To this end, it is important for Vestas that EKF continues to show a solid commitment to financing our client’s wind pipeline.
“The portfolio financing facility to Iberdrola is an excellent example of this and it is a great supplement to the more traditional financing solutions for single wind projects.”
Siemens Gamesa chief financial officer Beatriz Puente said: “Our strong partnerships with EKF, Iberdrola and Santander are a major driver to unlock the full potential of wind energy around the globe.
“Siemens Gamesa looks forward to collaborating closely with them all in the years ahead. Together they enable us to push the boundary of excellence for innovative financing solutions which help us to tackle the world’s biggest green energy challenges.”
Santander CIB head of global transactional banking Europe Bart Timmermans said: “We are delighted that Iberdrola and EKF have trusted Santander CIB to arrange this landmark transaction that underpins green investments across Europe.
“This structure demonstrates to our clients how we can provide, as the world’s leading bank in Export and Renewable Finance, an innovative solution to accompany them in supporting world’s green energy transition.
“To successfully complete this groundbreaking transaction, Santander CIB has leveraged on its worldwide ECA expertise and its responsible banking commitments to support our clients such us Iberdrola that are willing to contribute to a greener world.”