About EKF

New large wind project brings export loans to DKK 6.7 billion

EKF has just issued a DKK 2.1-billion loan to a buyer of 140 Vestas wind turbines. Seven loans worth a total of DKK 6.7 billion have now been issued under the government export lending scheme and EKF expects to grant yet another series of loans to buyers of Danish goods within the next six months.
​Vestas will deliver 140 3MW wind turbines for a new wind farm in the Australian state of Victoria. When the 420 MW Macarthur Wind Farm is completed in 2013, it will be the largest wind farm in the Southern Hemisphere. EKF lends the two project owners, Meridian Energy Limited and AGL Energy Limited, approximately half of their financing for the project and thereby secures a billion kroner deal to Vestas.

Since 2009, export loans from EKF have helped Danish companies finance important contracts around the world.  A large number of Danish sub-suppliers in the marine industry have delivered equipment to A.P. Moller-Maersk’s shipbuilding abroad, the companies of Copenhagen Merchants, Svane Shipping and Bunge have built a port terminal in Latvia, FLSmidth has sold a cement plant to Jordan, Siemens Wind Power has sold wind turbines to New Zealand, and Vestas has also previously sold wind turbines to Australia with an export loan from EKF.

Apart from the seven export loans issued so far, EKF has approved more than 15 applications for export loans worth approximately DKK 10 billion. The final issue of the loans will take place when and if the transactions related to the loans fall into place. EKF expects to issue at least three new export loans within the next six months.

The export lending scheme was established to offer a helping hand to companies who found it difficult to arrange financing because financial crisis had reduced the ability and willingness of banks to grant loans. The financial markets have thawed somewhat since the peak of the financial crisis but many Danish export companies still find it difficult to obtain financing for their export transactions.  In this case an export loan can be of great help. The scheme is also good business for Denmark.  When large Danish export companies win orders abroad it creates revenue and jobs in Denmark for the companies in question as well as for many Danish sub-suppliers.

The export lending scheme expires at the end of 2011, but EKF expects to be able to offer export loans also after 2011. The Danish liberal-conservative government introduced the initiative “Agreement on Denmark as a Growth Country” in May 2011 in which the export lending scheme was to be extended until 2015, and the parties in the new center-left government have expressed their intention to extend the export lending scheme.

For further information
Contact Director, EKF, Kim Richter, tel. +45 35 46 61 87 or e-mail kri@ekf.dk.
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