GIEK president Wenche Nistad: “The more you consider buying from Norway, the more you can count on getting guarantees from GIEK.” (Photo Credit GIEK).
Norway’s state-owned export credit report warranty company GIEK is proactively looking for offshore wind relevant brand-new company worldwide as component of its required to reinforce the engagement of Norwegian merchants in the expanding, however capital-intensive, industry.
The company’s emphasis has actually commonly been oil as well as gas as well as shipbuilding complied with by fisheries as well as tank farming, however it has actually quadrupled its overseas wind profile to NOK 4.2 billion ($ 453 million) considering that completion of last year.it has actually expanded its goal to consist of overseas wind, as well as a lot more usually financial institutions as well as capitalists joining huge worldwide energy-infrastructure jobs.
“Offshore wind is really gaining momentum and is a great example of how we can actively help Norwegian industry rechannel by opening the door to new markets for existing wind expertise and other companies looking to extend their reach into green technology,” claims GIEK president Wenche Nistad.
“By choosing a Norwegian supplier you can count on receiving good financing from GIEK in support of the purchase,” she claims, highlighting current agreements won by firms such as Nexans Norway, Aibel as well as Fred Olsen Windcarriers.
GIEK’s core offering are AAA-rated assurances for lasting funding funding, in addition to legal distribution assurances that shield both customers as well as vendors in situation of default.
The three-way A-rated tools are a vital device in decreasing the expense of job funding, claimsNistad “We work together with commercial banks to share project risk, so loans will be repaid,” she claims, Customers pay danger costs on affordable industrial terms.
Offshore wind assures to be a champion for Norwegian vendors wanting to make the most of brand-new possibilities in a transforming power landscape– and also as task in overseas oil as well as gas is predicted to ease after 2020 amidst an absence of large brand-new finds.
MAJOR AGREEMENTS FOR NORWEGIAN SUPPLIERS
Toward completion of in 2015, GIEK supplying solution distribution assurances completing NOK 1.3 billion (regarding $142,2 million) that allowed Norwegian distributor Aibel to secure 2 large European agreements. In February, it actioned in with a 3rd warranty plan of an equivalent quantity, this time around in support of Fred Olsen Windcarrier for a task inAsia Just in current weeks it supplied warranty insurance coverage totaling up to around NOK 1.6 billion (regarding $175 million) that assisted cords professional Nexans Norway protect a significant agreement with the Seagreen overseas wind ranch under advancement off Scotland.
APPLICATIONS INVITE
In regards to equity capital, GIEK funding offers to prolong the ability of financial institutions. “We can provide guarantees to anyone involved in putting together a wind project, and we are very competitive compared to what is available internationally,” Nistad claims.“We don’t calculate an amount based on a mathematical model. The rule of thumb is basically, the more you consider buying from Norway, the more you can count on getting guarantees from GIEK.”
