Eksfin Reaches Loan Milestone for Offshore Wind Projects

Source: Iberdrola
Source: Iberdrola

State-backed export credit agency Export Finance Norway (Eksfin) has provided loan guarantee financing to Spanish energy company Iberdrola, a transaction that supports Norwegian exporters’ participation in the East Anglia Three wind park project in the UK.

Through the transaction, Eksfin has provided guarantee financing for the first time to a Spanish energy company and facilitated significant export opportunities for the Norwegian supplier industry, in accordance with its mandate. Altogether the loan financing supports export contracts valued at over NOK 6 billion / EUR 590 million.

The deal also marks a new milestone for Eksfin, which since 2019 has provided more than NOK 20 billion / EUR 1.8 billion in financing to foreign purchasers of Norwegian technology and services within offshore wind.

Offshore wind is currently the most important driver of the Norwegian supplier industry’s strong growth in the renewables sector.

“Major developers like Iberdrola increasingly enter into strategic partnerships with suppliers to secure future capacity. Therefore, this transaction also serves to position Norwegian companies to win future business,” said Eksfin managing director, Tone Lunde Bakker.

For the construction of East Anglia Three, whose 1,400MW capacity will provide clean energy equivalent to the needs of 1.3 million homes, Iberdrola will purchase a transformer platform from Aker Solutions and installations services from Seaway 7. A whole string of other small and medium-sized Norwegian companies are sub-suppliers to these larger exporters.

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