Siemens Gamesa project resulting in EKF's largest wind financing ever in Vietnam

EKF has recently issued the largest loan guarantee ever in Vietnam in connection with the Tan Thuan wind energy project in the southern part of the Ca Mau-province with Siemens Gamesa Renewable Energy turbines


Siemens Gamesa wind mill

EKF Denmark’s Export Credit Agency (EKF) and Siemens Gamesa Renewable Energy, one of the world´s leading producer of turbines, have been strategic business partners for years, a cooperation which has resulted in more than 10 GW green wind capacity spread across 46 wind farms. The Tan Thuan project is the fourth nearshore project that Siemens Gamesa has secured in Vietnam and for both Siemens Gamesa and EKF, the largest cooperation in the country to date.

The 75 MW wind farm project in Vietnam´s Ca Mau-province in the southern part of the country consists of 18 units of SG 5.0- 145 turbines with flexible power rating from 4 MW to 5 MW. The wind farm will be able to supply electricity to appx. 180,000 Vietnamese households.

Highlight in strategic partnership

“The Tan Thuan project in Vietnam is another highlight in the strategic partnership between EKF and SGRE”, says Jan Christoph Meyer, Region Head of Project and Development Finance, who manages the relationship with EKF at Siemens Gamesa.
”It outlines once again EKF’s strong customer orientation, deep expertise and ability of fast execution. Siemens Gamesa is looking forward to cooperate further closely with EKF in Vietnam and around the globe where our projects require top class financing solutions.”

It outlines once again EKF’s strong customer orientation, deep expertise and ability of fast execution

The wind project is backed by a buyer credit guarantee from EKF involving a gross risk of up to USD 71.1 million. The guarantor behind is the Vietnamese bank MB Bank

The buyer credit guarantee for the financing of the project was arranged by another good business partner of EKF, the German Landesbank Baden-Württemberg (LBBW), who are the beneficiary of the EKF guarantee.

Covid-19 challenges

Due to COVID-19, the project has encountered numerous difficulties and challenges as Vietnam has been severely affected by the pandemic and undergone a tough lock-down.

”We have had a very intensive cooperation with Siemens Gamesa for a number of years and it has always been a pleasure. In this project, it was particularly impressive how the targets were met before the country witnessed a severe lock-down due to the pandemic. Vietnam is a very important market for the wind industry and is therefore of vital importance to EKF as well. We look forward to continuing our close cooperation with Siemens Gamesa in Vietnam and in other fast-growing markets where a substantial expansion of the wind capacity is required in the wake of the green transition,” says Peter Boeskov, Chief Commercial Officer in EKF.

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