Uh ...
Eksfin provides EUR 525 mn in loan financing to Ørsted based on Norwegian exports to Hornsea 3 offshore wind farm in the UK
Press Release
18 March 2024
And it gets worse -
Engelsk EKsfin logo Eksfin PMS Eng NY
Oh, my God! I wish these Norwegians would send me the PR emails in English, you know?
'Er ...'
I can't understand a word, Voice.
'Well, it's tough, boss, yes.'
I mean, what is this supposed to mean?! -
Export Finance Norway (Eksfin) is providing loan financing of EUR 525 mn to Ørsted of Denmark, one of the world's largest offshore wind developers. The financing is based on the purchase of two transformer platforms from Norway's Aibel for the Hornsea 3 offshore wind farm project in the UK. The transaction increases Eksfin's total offshore wind financing to nearly EUR 3.5 bn.
Hornsea 3, situated off the Norfolk/South Yorkshire coast, will be the world's single largest wind farm. It is expected to generate a minimum of 2.9 GW of electricity when in operation in 2027, enough to supply around three million homes with clean energy. It will be Ørsted's third gigawatt-scale project in the Hornsea zone following Hornsea 1 (1.2 GW) and Hornsea 2 (1.3 GW), which are already in operation.
I mean -
'It's crazy, boss! How can they expect a simple guy like you to understand all that?'
I know!
Offshore wind is currently the main driver for the Norwegian supply industry's strong growth in renewables. Norwegian companies specialise in platform construction, cable laying and maritime installations and have secured major export contracts. In 2022, the Norwegian offshore wind industry had an international market share of 7.5 per cent. The Norwegian government's target for the Norwegian offshore wind industry is a world-wide market share of 10 per cent by 2030.
No, it's no good.
'Ridiculous!'
Ørsted currently manages 12 wind farms in the UK, which is one of the world's most mature offshore wind markets backed by broad political support and the provision of Contracts for Difference (CfDs) that lock in a minimum price for green electricity. Ørsted secured attractive CfDs for Hornsea 3 with a duration of 15 years.
FFS.
The UK government's ambition is to have 50 GW of offshore wind in operation by 2030 and to be net zero by 2050, requiring a total of between 65 and 125 GW of installed renewable power. This makes it a key market for Norwegian offshore wind suppliers going forward, and by default for Eksfin.
FFS.
No, I'm sorry, Eksfin PR people, I won't be covering any more of these emails unless you start translating them into English.
'Come on, guys!'
Sorry.
ENDS
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ENDS
...
Life is too short, kooks, you know?
And, yes, I've got another Lucky PDF coming up soon, the next few days.
At least he speaks English, sort of.
'French, originally.'
Yeah, yeah. When he was working for Sam.
'Those were the days!'
Yeah, yeah. But times are hard for everyone now, I suppose. You have to take any work you can get.
Never mind.
ENDS
ENDS
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