Norwegian company Eksfin grants NOK 10 billion in support for offshore wind
The crossing of the ten billion threshold is the result of its latest loan guarantee relating to a conversion platform awarded to the Norwegian supplier Aibel as part of an agreement reached yesterday. Three export credit agencies and 28 credit institutions were involved in the Aibel platform which will serve the third phase of Dogger Bank’s massive wind power project in the North Sea.
Eksfin has now given guarantees worth more than NOK 5 billion for Norwegian deliveries to Dogger Bank, a joint venture between Equinor, SSE Renewables and ENI. When completed in five years, it will be the largest wind farm in the world.
Eksfin’s triple A rated guarantees are an essential link in the financing chain. Suppliers often have to provide bank guarantees for their deliveries and customers have to invest considerable sums before generating revenue, Eksfin said in a statement. Banks are often unable or reluctant to provide the scale of collateral required and in any case are unlikely to be able to match Eksfin’s star rating.
Norwegian Trade Minister Jan Christian Vestre said: “I am delighted that Norwegian suppliers such as Aibel are succeeding in the field of renewable energy and that the state, through Eksfin, can help accelerate the green shift. .
Meanwhile, Eksfin Managing Director Tone Lunde Bakker, who took over the state agency in August, said: “By choosing a Norwegian supplier, buyers can count on good Eksfin financing. in support of the purchase. We have a lot of experience in participating in complex international projects involving many actors and financing institutions, having financed offshore and maritime transport for many years. We are easy to work with, solution oriented and flexible.
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