Siemens Gamesa has secured a significant €1.2 billion guarantee facility, supported by the Spanish export credit insurance agency Cesce and six leading financial institutions. This move aims to bolster the turbine manufacturer's ability to fulfill its substantial €40 billion order book, providing essential technical guarantees required for its wind power projects.

The facility, structured with the assistance of BBVA and BNP Paribas as lead banks, includes participation from Caixabank, Crédit Agricole, KutxaBank, and Santander. Cesce will cover 50% of the bank guarantees issued, up to a maximum of €600 million, with support from the Internationalization Risk Reserve Fund under the Spanish Ministry of Economy, Trade, and Enterprise.

This revolving credit line will enable Siemens Gamesa to issue new guarantees as existing ones are released, crucial for securing and executing its wind power projects over multiple years. The guarantees provided are of technical nature, essential for tendering, contracting, and project execution.

The initiative complements previous guarantee agreements in Germany with Siemens Energy, underscoring the commitment to maintaining industrial capacity within the European Union, particularly in Spain. Both parties emphasize the role of renewable energies in advancing sustainability and energy independence.

"These guarantees not only reduce CO2 emissions but also meet stringent environmental criteria, aligning with the 'green' classification of the 'Lenders' Market Association'," said Cesce, highlighting the project's environmental and financial viability.

Source: reuters.com