SGRE gets $1.3bn green guarantee line in Spain

14 January 2019 (Last Updated January 14th, 2019 10:08)

Siemens Gamesa Renewable Energy (SGRE) has become the first company in Spain to secure €900m ($1.3bn) guarantee line with Banco Bilbao Vizcaya Argentaria (BBVA). 

SGRE gets $1.3bn green guarantee line in Spain
Siemens Gamesa intends to use funds to support its business of manufacturing and selling onshore and offshore wind turbines worldwide. Credit: Avantgarde Concept on Unsplash.

Siemens Gamesa Renewable Energy (SGRE) has become the first company in Spain to secure €900m ($1.3bn) guarantee line with Banco Bilbao Vizcaya Argentaria (BBVA).

The guarantee line arranged with BBVA qualifies as ‘green’ as it contributes to the UN’s Sustainable Development Goals (UNSDG).

It is reported to be the first deal arranged under BBVA’s new sustainable transactional product linked to the UNSDG, which focuses on green, social or sustainable deals.

Siemens Gamesa CFO David Mesonero said: “I am particularly proud of our company’s commitment to combating climate change by generating clean, sustainable energy for the planet.

“At Siemens Gamesa, we are focused on being ever more sustainable across the board, and this deal is another step in that direction.”

“We are focused on being ever more sustainable across the board, and this deal is another step in that direction.”

By converting the €900m guarantee line into a ‘green’ transaction, Siemens Gamesa intends to use the money to support its business of manufacturing and selling onshore and offshore wind turbines worldwide.

The Spanish turbine maker noted that its 90GW of wind capacity installed across the globe would reduce carbon emissions by more than 233 million tonnes per year.

Additionally, Siemens Gamesa has committed to becoming carbon-neutral by 2025 by replacing conventional emission-intensive power sources with renewable energies in its operations.

The company also supports global climate protection goals and has adopted the global initiative to decarbonise economies.

Last December, SGRE and Denmark’s Aalborg University (AAU) partnered to lead the ‘Integrated Implementation of Industrial Innovations for Offshore Wind Cost Reduction’ (i4Offshore) research and development project.

The research and development project will focus on significantly reducing the cost of offshore windpower.