EKF and Danske Bank sign €500 million guarantee Siemens Gamesa

4C Offshore | Tom Russell
By: 27/08/2021 Siemens Gamesa
EKF and Danske Bank have offered Siemens Gamesa a guarantee facility worth EUR 500 million. This capital will be used to guarantee the delivery of Siemens Gamesa´s increasing order portfolio of onshore and offshore wind turbines.

The guarantee facility, also called a bonding facility, worth EUR 500 million 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.

“Doing our utmost to help ensure Danish turbines are selected for projects worldwide is what we are all about at EKF. 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,”
said Peter Boeskov, Chief Commercial Officer, Global Wind & Structured Finance, EKF.

“For the team in Danske Bank, it has been a privilege to work on this project for Siemens Gamesa, getting EKF on board – and providing the guarantee framework needed to enable even more wind generated energy in the future,”
said Jesper Brøchner Pettersson, Danske Bank, who has been heading the financing team from the start.

He continued: “Large scale guarantees are a prerequisite for the realization 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 organizations, everyone has been very dedicated to make this happen.”

“We are very pleased”
, stated Siemens Gamesa’s CFO Beatriz Puente Fererras, “that Danske Bank and EKF have arranged this green guarantee facility. 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.”  

Siemens Gamesa is a leading supplier of wind turbine solutions and claims to have installed over 107 GW in 75 countries. Over, 1,000 Siemens Gamesa Direct Drive offshore wind turbines have been installed in all major offshore wind markets globally. They include the UK, Germany, Denmark, the Netherlands, Belgium, and Taiwan, among others. Furthermore, Siemens Gamesa stated that orders for an additional 1,000 Offshore Direct Drive turbines have been received, with installations planned for the markets mentioned above and new offshore markets including the USA and France.

The company
recently announced that its first offshore wind nacelle assembly facility outside of Europe has officially started production. Its first wind turbine nacelle has been assembled in Taichung, Taiwan.