Green technologies account for 2/3 of Denmark’s Export Credit Agency’s total guarantees of DKK 52.9 billion
In 2015, EKF secured financing for a total of DKK 3.1 billion for four biomass projects in the UK – projects that are based on the technology and knowhow of Danish companies such as BWSC, Babcock & Wilcox Vølund, Aalborg Energie Technik and a number of Danish sub-suppliers. Danish pension funds were also keen to invest billions of Danish kroner in these power plants.
Biomass accounted for 22% of EKF’s total guarantee exposure in 2015, which is unprecedented.
”The UK biomass success peaked in 2015, so we do not expect to see similar results in 2016. But the flurry of projects has created a strong foundation for us to build on in the coming years. The good relations between EKF and Danish biomass companies will translate into additional green Danish exports to other markets in future,” says Christian Ølgaard, Deputy CEO at EKF.
Solid year for wind, but changes are ahead
In 2015, guarantees for wind turbines were once again EKF’s largest business area. Wind turbines accounted for DKK 7.6 billion, or 54% of all new guarantees for the year. EKF participated in two offshore project financing projects: the huge Veja Mate offshore wind farm in the German section of the North Sea, which received a guarantee of DKK 1.6 billion, and the Nobelwind farm in the Belgian section of the North Sea. The DKK 1.1 billion guarantee to Nobelwind was the third EKF guarantee to the Parkwind investment vehicle (earlier partnership projects with Parkwind were the Northwind and Belwind wind farms).
In terms of onshore wind, Turkey stood out. With guarantees of DKK 3 billion for six wind farms, along with other Danish exports of LED lights and playground equipment etc., Turkey overtook Russia as EKF’s largest market in 2015.
In 2015, close to 700 companies had an EKF export credit or working capital guarantee. Thus, EKF managed to continue the success of recent years of helping Danish exporters move forward.
Source: State of Green / EKF