Uh.
'What the hell is going on, boss?!'
You tell me, Voice.
I'd rather be writing poetry.
[More of that later ...]
Anyway ...
Eksfin finances Nexans Norway's new UK export cable contract with NOK 2bn (£155m) in loan guarantees.
NOK two billion?!
'Who's knocking it?! That's good, surely?'
I don't know, man.
The transaction covers the export and installation of advanced high-voltage subsea cables for the Moray West wind farm off the coast of Scotland. Export Finance Norway (Eksfin)'s global portfolio of loans and guarantees covering Norwegian exports to offshore wind projects has swelled to NOK 15bn since 2019.
Swelled to NOK?! These people are out of control! 'Toe the windy blood, boss!' Shut up, Voice! Please!
The Moray West wind park off the east coast of Scotland is owned by Ocean Winds, the joint venture between ENGIE (France) and EDP Renewables (from EDP group, Portugal) dedicated to offshore wind energy. The offshore wind farm will feature 60 turbines and installed capacity of 882 MW by 2025 - equating the energy demand of 1.33 million UK homes and emissions reduction of 1.1 million tonnes of CO2.
Ambitious customer.
What?
Ocean Winds holds a portfolio of 16.6 GW of gross capacity of offshore wind energy from 15 projects in operation, construction and secured development in 7 countries, making the company one the largest developers of offshore wind globally and potentially a very important customer for Norwegian exporters in this sector.
Oh, important customer. 'They're confused!' We all are.
The Moray West contract markedly strengthens Nexans Norway's position in this market. It will manufacture the cables at its factory in Halden and install them using its own dedicated cable layer vessels.
Okay.
Eksfin paves the way for private capital.
Does it?
Offshore wind projects typically demand more capital than developers and their banks can finance on their own. State-backed guarantees from Eksfin carry the highest AAA credit rating and make it easier for private banks to provide financing. In this project, Eksfin is working with a large loan syndicate where Crédit Agricole CIB acts as financial advisor and arranger of the loan facilities to Moray West.
Fine.
Anyway ... we've got voices. 'Yippee!'
"Financing Norwegian deliveries to international offshore wind projects is a key strategic priority for us. I am happy that, together with Nexans, we have succeeded in securing yet another big export contract for Norwegian wind industry in this important market," says Eksfin managing director Tone Lunde Bakker.
"The transaction also strengthens our relationship with Ocean Winds, one of the world's leading offshore wind developers. We would like to help many more Norwegian suppliers win business in these kinds of renewable energy projects. It's good for business and good for the planet," she adds.
All right.
What about Ragnhild?
"Having Eksfin on our team and being able to offer financing and loan guarantees to our customers is a major strength and competitive advantage in our export activities", says Nexans Norway managing director Ragnhild Katteland.
Fair enough.
Fact box:
No, no, no. We don't want no fact box, thank you very much. We've had enough.
These people.
ENDS
ENDS
ENDS
...
Anything else? My poem?
Ha! I've got sixteen lines! It's like shooting fish in a barrel. I need another twenty lines, but this is already the best poetry I've ever written ...
Probably because I have more word-power now than thirty years ago. That's down to the millions of words I've written in this blog ... like the Karate Kid, you know? 'Eh?!' Wax on, wax off, Voice. 'Oh, I get you.'
Yeah.
Nice one, obviously.
Laters.
'Bye!'
