Siemens Gamesa Signs EUR 500 Million Guarantee Facility as Orders Pour In

Siemens Gamesa has signed a guarantee facility worth EUR 500 million with EKF and Danske Bank to back the delivery of offshore and onshore wind turbines from its order book.

The guarantee facility will reinforce Siemens Gamesa’s ability to keep pace with growing future orders and allow the wind turbine supplier to provide guarantees, according to EKF.

“Orders are pouring in at Siemens Gamesa, one of the world’s leading suppliers of onshore and offshore turbines and service solutions, and orders for turbines, especially for offshore wind farms, are getting bigger and bigger”, EKF said in a press release on 26 August.

The EUR 500 million guarantee facility replaces an existing and less extensive one granted by Danske Bank. The new facility will be provided by EKF and Danske Bank on a 50-50 basis, with Danske Bank to front the full facility and EKF to issue a guarantee to Danske Bank covering 50 per cent of the exposure.

Last year, Siemens Gamesa reported that its offshore wind order intake doubled year-on-year to 4.1 GW, which boosted its backlog to 6.7 GW, with 9.3 GW in conditional agreements.

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At the beginning of this year, the company entered a contract with the CrossWind joint venture between Shell and Eneco to deliver its 11 MW turbines for the 759 MW Hollandse Kust Noord offshore wind farm in the Dutch North Sea.

In March, Siemens Gamesa received a firm order from RWE to supply 100 of its 14 MW wind turbines for the 1.4 GW Sofia wind farm offshore the UK.

ScottishPower Renewables has also selected Siemens Gamesa as the preferred supplier earlier this year for its East Anglia Hub offshore the UK, where more than 200 14+ MW turbines are planned for East Anglia ONE North, TWO, and THREE projects.

Photo: Siemens Gamesa; Illustration