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EKF grants a record-breaking EUR 1bn loan to Spanish energy giant

EKF Denmark´s Export Credit Agency (EKF) has approved a EUR 1bn credit facility to the Spanish energy company Iberdrola for the purchase of turbines from Vestas and Siemens Gamesa.


The record-breaking loan from EKF is the result of an intensive dialogue with Iberdrola, one of the world´s largest energy companies. This is the largest credit facility ever granted by EKF and was done in cooperation with Santander Corporate & Investment Banking (Santander CIB).

- EKF issues an earmarked credit facility to Iberdrola specifically for the purchase of turbines from either Vestas or Siemens Gamesa in Denmark. The facility affords Iberdrola the necessary flexibility to ensure a fast and large-scale expansion of its wind energy portfolio. In this transaction, EKF is not just financing a standalone wind project, but rather several large onshore and offshore projects in a number of countries. We are very pleased that by doing so, EKF is helping to promote the sales of Danish turbines for European wind projects. Importantly, these are orders which may not necessarily have landed in Denmark without EKF´s participation in this financing, says Peter Boeskov, CCO of EKF.

Iberdrola has an installed capacity of 58 GW of which 38 GW derives from renewables. Iberdrola was founded in 1840 with headquarter in Bilbao, Spain. However, the company is a global player with activities in several European countries and in the US, Brazil and Mexico. Iberdrola is the world’s second largest producer of wind energy, only surpassed by the Danish company Ørsted. The loan from EKF is used to finance a total capacity of more than 1 GW.

Jesus Martinez, Global Director of Financing and Treasury of Iberdrola Group:

- With this EUR 1 billion loan, granted by Santander CIB and EKF, we are maintaining our commitment to a sustainable model that will enable us to continue leading the energy transition towards a low-carbon economy. This transaction is a milestone for all institutions involved, as it marks the path towards alliances between companies for a more sustainable world.

Both Siemens Gamesa and Vestas see EKF's credit facility to Iberdrola as a decisive factor for the rapid global green transition:

Javier Rodriguez Diez, CSO at Vestas:
- As the need to accelerate the green energy transition globally has never been more urgent, it is crucial that wind project developers have access to flexible financial solutions to enable a fast deployment of renewable energy across the world. To this end, it is important for Vestas that EKF continues to show a solid commitment to financing our client’s wind pipeline. The portfolio financing facility to Iberdrola is an excellent example of this and it is a great supplement to the more traditional financing solutions for single wind projects.

Beatriz Puente, Siemens Gamesa CFO:
- Our strong partnerships with EKF, Iberdrola and Santander are a major driver to unlock the full potential of wind energy around the globe. Siemens Gamesa looks forward to collaborating closely with them all in the years ahead. Together they enable us to push the boundary of excellence for innovative financing solutions which help us to tackle the world’s biggest green energy challenges.

Bart Timmermans, Head of Global Transactional Banking Europe at Santander CIB:
- We are delighted that Iberdrola and EKF have trusted Santander CIB to arrange this landmark transaction that underpins green investments across Europe. This structure demonstrates to our clients how we can provide, as the world’s leading bank in Export and Renewable Finance, an innovative solution to accompany them in supporting world’s green energy transition. To successfully complete this groundbreaking transaction, Santander CIB has leveraged on its worldwide ECA expertise and its responsible banking commitments to support our clients such us Iberdrola that are willing to contribute to a greener world.

Søren Juhl, Senior Vice President, Global Wind & Structured Finance of EKF, adds:
- In addition to the specific orders for Vestas and Siemens Gamesa, we expect that the loan will pave the way for an even closer cooperation with Iberdrola, who, just as EKF, has a strong green profile. Apart from wind, Power-to-X is another huge strategic priority for both Iberdrola and EKF. Power-to-X is therefore an obvious new area for future cooperation.

Further information

For further information, contact Kim Bove, Director, Head of External Communication, on +45 2227 3893 or e-mail: