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    Iberdrola obtains the largest loan in the history of the Danish ICO for the purchase of wind turbines from Gamesa and Vestas in Denmark.

    June 29, 2022 - CE Noticias Financieras


      The Danish Official Credit Institute, the EKF, has just granted the largest loan in its history to Iberdrola. The Spanish electricity company will receive 1 billion euros to purchase turbines from Siemens Gamesa and Vestas in Denmark, in order to ensure the production of wind turbines for several of the Spanish energy giant's wind farms at its facilities.

      This record loan, which was made in collaboration with Santander Corporate & Investment Banking (Santander CIB), provides Iberdrola with the flexibility it needs to ensure a rapid and large-scale expansion of its wind energy portfolio.

      The deal comes at a time when wind turbine manufacturers are facing contracting problems and are evaluating each and every one of their assets, and will enable Iberdrola's wind turbine plants to be better positioned within their respective business groups. In addition, the agreement comes in the midst of Siemens Energy's takeover bid for 100% of Gamesa.

      EKF does not limit itself to financing an isolated wind project, but rather several large onshore and offshore projects in various countries, thus promoting the sale of Danish turbines for European wind projects. The company also emphasizes that "these are orders that would not necessarily have come to Denmark without EKF's participation in this financing," says Peter Boeskov, CCO of EKF.

      Iberdrola has an installed capacity of 58 GW, of which 38 GW comes from renewable energy. The company is a global player with activities in several European countries and in the United States, Brazil and Mexico. Iberdrola is the world's second largest producer of wind energy, second only to the Danish company Ørsted.

      Jesús Martínez, Global Director of Financing and Treasury of the Iberdrola Group, indicates that with this E1 billion loan, granted by Santander CIB and EKF, we maintain our commitment to a sustainable model that allows us to continue leading the energy transition towards a low-carbon economy. This operation is a milestone for all the institutions involved, as it marks the path of alliances between companies for a more sustainable world.

      Both Siemens Gamesa and Vestas see the EKF credit line to Iberdrola as a decisive factor in the rapid global green transition.

      Javier Rodríguez Díez, CSO of Vestas, says that since the need to accelerate the global green energy transition has never been more urgent, it is crucial that wind project developers have access to flexible financing solutions that enable the rapid deployment of renewable energy worldwide. To this end, it is important to Vestas that EKF continues to show a strong commitment to financing our customers' wind project portfolios. The Iberdrola portfolio financing facility is an excellent example of this and is a great complement to the more traditional financing solutions for individual wind projects.

      Beatriz Puente, CFO of Siemens Gamesa, says that our strong partnerships with EKF, Iberdrola and Santander are an important driver in unlocking the full potential of wind energy worldwide. Siemens Gamesa looks forward to working closely with all of them in the coming years. Together they enable us to push the boundaries of excellence in innovative financing solutions that help us address the world's biggest green energy challenges."

      Bart Timmermans, Head of Global Transactional Banking Europe at Santander CIB, was pleased that Iberdrola and EKF have entrusted Santander CIB to arrange this landmark transaction that underpins green investments across Europe.


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