Chinese turbine manufacturer Envision is teaming up with blade maker LM Wind Power and the Danish Export Credit Agency (EKF) on a new finance initiative.
EKF issued a buyer credit letter to Envision in early March enabling the company to access funding for global business development from Banco Santander.
Under the terms of the EKF credit facility, all parties have to cooperate further on future business growth in both China and global renewable markets.
LM Wind Power will support Envision Energy as a global strategic partner in both onshore and offshore wind markets.
Envision Energy chief financial officer Lily Low said: “This EKF-backed credit line will support our international expansion enabling us to deliver our growth strategy, with the Denmark-based companies as our business partners.
“LM Wind Power is the largest, global wind turbine blade manufacturer and it is also the largest Danish supplier of Envision.
“The company played a critical role in facilitating the set-up of the EKF-based credit facility.”
LM Wind Power chief executive Duncan Berry said: “We welcome this EKF support as this set-up adds additional value to our partnership with a long-term customer.
“LM Wind Power’s strategy is to continue supplying the leading companies in the wind industry and together to ensure the rapid growth of the sector.
“The success of this EKF credit facility is a demonstration of team-work, creativity and value creation for all stakeholders.
“Everyone wins: from a sovereign credit agency to financing institution, from lender to borrower, and from business exporter – LM Wind Power – to the ultimate beneficiary Envision Energy.”
EKF deputy chief executive Christian Olgaard said: “EKF has participated in wind farm financing worldwide, and we are pleased to be able to expand with this new program that supports Danish suppliers’ sales to Envision.”