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Siemens Gamesa secures €600m to cover Hornsea Two

By: Tom Russell 18/05/2020 Siemens Gamesa

General Windfarms

Siemens Gamesa has signed a bank guarantee line for up to €600 million to cover the construction of components for the Hornsea Two offshore wind farm. BNP Paribas lead managed the deal, in which BBVA, Mizuho and Santander also participated.

The 1.4 GW Hornsea Two offshore wind farm secured a Contract for Difference in September 2017. Once operational in 2022, the wind farm is expected to supply clean electricity to over 1.3 million homes. It will consist of 165 Siemens Gamesa SG 8.0-167 DD turbines, covering an offshore area of 462 km².

Siemens Gamesa's funding is tied to ESG (environment, social and governance) criteria. Under this agreement, the company will pay a premium in the event that it fails to achieve the defined ESG targets; otherwise, the premium will be paid by BNP Paribas, together with BBVA and Santander.

In either case, the established premium on the deal will be used to finance a cancer research project directed by Eduardo López Collazo, Scientific Director of Hospital La Paz Institute for Health Research (Madrid, Spain), that seeks to identify sources of metastasis in breast cancer with a view to preventing tumour cells from spreading.

“We are in the midst of an emergency — one in which science has taken on a very prominent role, in both political and social terms. After COVID-19, there will still be other health problems that were here before and will not have gone away. My group has been seeking an explanation for metastasis for the last two decades; it's a task that needs funding, and one whose success is synonymous with life,” said Dr. López Collazo.

“This deal is a continuation of Siemens Gamesa's focus on sustainability in finance and strengthens it at a difficult time for all of society, in which we must go that extra mile in supporting medical research. It is very gratifying to be able to make a contribution,” said Thomas Spannring, acting CFO of Siemens Gamesa.

Maria Fernanda Picón, Head of Global Trade Solutions, BNP Paribas Spain, said: “Putting ESG objectives at the center of this guarantee mechanism for Siemens Gamesa highlights how sustainable finance can be a driver for channeling capital towards positive impact. In this current environment, it is important that the financial industry and corporates embrace innovation in solidarity to support healthcare, whilst accelerating a green recovery.”

In the last two years, the company has achieved additional milestones in its funding strategy, after completing deals worth over €7.2bn with sustainable components.

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Siemens Gamesa secures €600m to cover Hornsea Two

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