Wind turbine manufacturer Nordex has secured a revolving syndicated line of credit of € 350 million under the federal government’s loan guarantee program with the participation of the states of Mecklenburg-Western Pomerania and Hamburg.
“With this line of credit, we are protecting the company from the effects on our operating business and the remaining uncertainties caused by the COVID 19 pandemic,” says Christoph Burkhard, CFO of the Nordex Group. “A crucial factor in this success is the confidence placed in the Nordex Group by state guarantors and the banking union that Nordex is a sustainable technology company in the wind energy sector, a key industry of the 21st century.”
In May, Nordex already announced its intention to request government support under the Corona guarantee program as a precautionary measure to strengthen the Company’s resources in the face of the crisis. This process has now been successfully completed.
The revolving syndicated loan runs until April 30, 2022. 90 percent of the line of credit is guaranteed by the Federal Republic of Germany, the city of Hamburg and the state of Mecklenburg-Western Pomerania. The banking consortium is made up of Banca Bilbao Vizcaya Argentaria S.A., BNP Paribas S.A., Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, HSBC Trinkaus & Burkhardt AG, Intesa Sanpaolo S.p.A., UniCredit Bank AG, Norddeutsche Landesbank and Cobankperati
This financing instrument also contains an ESG component and therefore fits perfectly into the Nordex Group’s sustainable financing structure.
The Company will provide more details about the transaction with its regular reports.
Nordex has installed more than 28 GW of wind power capacity in more than 40 markets and in 2019 generated revenues of € 3.3 billion. The company currently employs a workforce of approx. 7,500. Joint manufacturing capacity includes factories in Germany, Spain, Brazil, the United States, India, Argentina and Mexico. The product portfolio focuses on onshore wind turbines in the 2.4 to 5.X MW class, which are tailor-made for market requirements in countries with limited space and regions with limited grid capacity.