Siemens Gamesa have secured a €500million (£428million) guarantee facility from EKF and Danske Bank.
The guarantee will reinforce Siemens Gamesa’s ability to keep pace with growing future orders and allow Siemens Gamesa to provide guarantees, EKF said.
“Doing our utmost to help ensure Danish turbines are selected for projects worldwide is what we are all about at EKF, said Peter Boeskov, EKF Chief Commercial Officer, Global Wind & Structured Finance.
“I am pleased with the result of the cooperation with Siemens Gamesa and Danske Bank, both of whom are very important partners to EKF. With this new facility, Siemens Gamesa will have a more streamlined bonding process for many of its future projects and it can focus even more on delivering excellent customer value.
“At EKF we are delighted to play our part as Danish wind turbine manufacturers lead the world in transitioning to a sustainable energy future.”
The guarantee facility, also called a bonding facility, will be provided by EKF and Danske Bank on a 50-50 basis.
Danske Bank will front the full guarantee facility whereas EKF issues a guarantee to Danske Bank covering 50 percent of the exposure.
The new bonding facility replaces an existing and less extensive facility granted by Danske Bank. It ensures a significant expansion of Siemens Gamesa’s overall guarantee capacity.
Jesper Brøchner Pettersson, head of the Danske Bank finance team who secured the deal, added: “Large scale guarantees are a prerequisite for the realisation of giant offshore windfarm projects. We are proud to support a good cause, which contributes to the UN sustainable development goals, and we highly value the good working relations along the way. Across organisations, everyone has been very dedicated to make this happen.”
Siemens Gamesa’s CFO Beatriz Puente Fererras said: “This will benefit our customers’ projects as well as the global energy transition. Both financial institutions have been working with a very customer-minded focus, and we are very happy to report the successful release of a first guarantee under the facility for a project in the Nordics.”