Iberdrola granted EUR-1bn loan to buy wind turbines in Denmark

Spanish utility group Iberdrola SA (BME:IBE) has secured a EUR-1-billion (USD 1.05bn) credit facility from EKF Denmark´s Export Credit Agency (EKF) and Spain’s Santander Corporate & Investment Banking (Santander CIB) for the specific purpose of buying Denmark-made wind turbines.

The loan will be used to purchase over 1 GW of turbines from either Vestas Wind Systems A/S (CPH:VWS) or Siemens Gamesa Renewable Energy SA (BME:SGRE) for wind projects in Europe, EKF announced it on Friday.

The ten-digit loan is the largest credit facility that EKF has ever granted, the Danish export credit agency said.

“In this transaction, EKF is not just financing a standalone wind project, but rather several large onshore and offshore projects in a number of countries. We are very pleased that by doing so, EKF is helping to promote the sales of Danish turbines for European wind projects,” said Peter Boeskov, CCO of EKF.

Iberdrola closed the first quarter of 2022 with just over 38.3 GW of global installed renewable energy capacity. Of this, onshore wind accounted for around 19.4 GW, while its operational offshore wind portfolio was at 1.3 GW.

(EUR 1.0 = USD 1.053)

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