Export Credit Norway offers competitive financing to buyers of Norwegian capital goods and services worldwide. A growing number of their customers are from the offshore wind sector, purchasing everything from service vessels and installation services to subsea technology, converter platforms, power cables, and design services.
We spoke to Senior Vice President of Export Credit Ivar Løvberget about the company, the new demand for offshore wind and the projects they finance.
“Many Norwegian suppliers to the offshore oil and gas industry have started supplying products and services to the offshore wind industry, as their experiences and expertise are transferrable to the offshore wind sector” says Løvberget. “Norwegian suppliers are known for delivering specialized products and services of high quality.”
Dogger Bank development
One of the offshore wind projects they finance is the Dogger Bank development, UK’s largest offshore wind project. “The project is developed in a joint effort by Equinor and SSE Renewables, who recently signed contracts with Norwegian Aibel AS and Offshore Heavy Transfer (OHT) ASA” explains Løvberget. Aibel delivers converter platforms, while OHT’s Alfa Lift vessel will transport and install monopile foundations to Dogger Bank A and B, the first two phases of the project. The contracts are partially financed by Export Credit Norway, through a GBP 90 million long–term loan.
Export Credit + GIEK = Export Finance
From July 2021 onwards, Export Credit Norway will merge with GIEK, The Norwegian Export Credit Guarantee Agency, into Export Finance Norway. Løvberget welcomes anyone in the offshore wind industry who considers purchasing Norwegian products and services to get in touch to discuss financing solutions.
Read more about Export Credit Norway/Export Finance Norway here.
NBAS is collaborating with upcoming artists in Singapore and Norway to showcase their work, while we get a creative take on our graphic profile. In February 2021, NBAS will be featuring Chris Chai. Check out his artwork here.