Vattenfall has secured a credit facility of €3bn, which is replacing bilateral facilities of €4.3bn that were established in 2022.
The bilateral facilities were established for the purpose of securing Vattenfall’s liquidity during last year’s very volatile energy market.
Since then, progress has been made in order to restructure the business for the purpose of reducing the inherent liquidity risks of Vattenfall’s business model, the Swedish developer said.
Together with a more stable energy market, this has led to a reduced need for liquidity, it added.
Vattenfall head of treasury Maria Paulinz said: “Following a strong show of support from the banking partners, who were prepared to commit a significantly higher amount than requested, the new facility is established together with a group of close relationship banks.”
The facility was coordinated by Danske Bank, Nordea and Societe Generale.