Business World of Renewable Energy

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Nordex Secures Credit Via Corona Guarantee from German Government

Hamburg, Germany - In May 2020, wind turbine manufacturer Nordex had already announced that in view of the uncertainties arising from the Covid 19 pandemic it was applying for state support under the corona guarantees provided by the German government as a precautionary measure. This process has now been successfully completed.

With the participation of the states of Mecklenburg-Western Pomerania and Hamburg, the Nordex Group has received a revolving syndicated loan of EUR 350 million via the Corona guarantee program. "With this credit facility, we are soundly protecting the company against the effects on our operating business and remaining uncertainties caused by the COVID 19 pandemic," says Nordex CFO Christoph Burkhard. A crucial factor in this success is the confidence placed in the Nordex Group by the state guarantors and the banking syndicate in Nordex being a sustainable technology company in the renewable energies sector, a key industry of the 21st century, continued Burkhard.

The revolving syndicated loan is due to expire on April 30, 2022. 90 percent of the credit facility is guaranteed by the Federal Republic of Germany, the City of Hamburg and the State of Mecklenburg-West Pomerania. The banking consortium consists of the banks Banca Bilbao Vizcaya Argentaria S.A., BNP Paribas S.A., Commerzbank Aktiengesellschaft, Crédit Agricole Corporate und Investment Bank, HSBC Trinkaus & Burkhardt AG, Intesa Sanpaolo S.p.A., UniCredit Bank AG, Norddeutsche Landesbank and Coöperatieve Rabobank U.A.

Nordex has announced that it will provide further details on the transaction with its regular reporting.

Source: IWR Online, 12 Aug 2020