BNP Paribas is supporting the development of the wind energy sector in Europe, with the implementation of a EUR1.2 billion syndicated green guarantee facility for Siemens Gamesa. This will support the execution of the company’s wind power projects across Europe and globally.
The facility was granted by a group of relationship banks, led by BNP Paribas and BBVA as Mandated Lead Arranger and Bookrunner. It benefits from a 50% cover from the Spanish Export Credit Agency (Cesce).
Wind power is crucial to the energy transition
The European Union generates over a third of its renewable electricity from wind, and aims to double the share of renewables in energy consumption by the end of this decade. When it comes to offshore the European Commission calculates that offshore wind installed capacity alone must reach ten times its 2022 levels to achieve regional climate goals across the bloc.
Boosting investment in the renewables sector will therefore be critical to accelerating the low-carbon energy transition across the region. This EUR1.2 billion syndicated green guarantee facility will allow Siemens Gamesa, owned 100% by Siemens Energy, to continue executing its wind power projects worldwide. Globally, it has installed 139 GW of wind power and has an order backlog of around EUR40 billion.
Harnessing the power of collaboration
Momentum is gathering on the installation of wind power and bringing clean power to millions. As policymakers, businesses, investors and citizens increasingly tackle the energy trilemma of sustainability, affordability and security, scaling up action on renewables investment is becoming a critical part of the energy story. This financing represents a further commitment of Siemens Gamesa and BNP Paribas to collaborate on driving investment into the energy transition towards a greener future.
BNP Paribas leading the energy transition
- BNP Paribas has been actively supporting renewable energy projects around the world.
- This year, BNP Paribas set a new ambitious target to reach 90% of low carbon within its energy production financing by 2030.
- The Bank has a commitment to reach EUR40 billion in credit exposure for low-carbon energy production, and especially renewables, by 2030.
- BNP Paribas is a major player in trade finance globally, offering traditional trade and working capital management solutions, aiming to provide liquidity and mitigate risk while optimising working capital for clients’ trade business.
- The Bank’s teams support corporate clients to unlock new capacity to address rising needs for guarantees linked to energy transition and growing regulatory constraints.
- The global Trade Syndication teams in Paris, New York, Singapore and Hong Kong have a track record of syndicating large and complex trade finance deals globally, with a broad network of international, regional and local banks as well as institutional investors.