Commerzbank delivers a Green Guarantee Facility to support Siemens Gamesa’s sustainable projects
Financing a greener future
Siemens Gamesa Renewable Energy is a leading supplier of wind power solutions to customers globally, and represents one of the largest renewable energy companies in the world; listed on the Spanish stock market with a EUR 22.5 billion market cap. Operating in over 90 countries, Siemens Gamesa’s technologies are engineered to cover all wind classes and site conditions, harnessing the power of nature and technology to create a greener future.
Due to the company’s size and specialisation in wind power projects, Siemens Gamesa requires high amounts of green guarantees in order to operate. Such financings are essential as a means of mitigating risk and facilitating the growth of the company, as well as enabling its continued commitment to the environment by promoting renewable energy, reducing GHG emissions, and allowing society to access clean energy more easily and affordably.
Siemens Gamesa identified an increased need for green guarantees to support its operations. With each project requiring individual guarantees of large sums, the company relies upon substantial support from banks on a standalone basis. Having developed a trusted relationship with Commerzbank through 15 years of strong collaboration across a range of products, Siemens Gamesa contacted Commerzbank Iberia based on the excellent service they had previously received from the team in the guarantee business.
An active proponent of sustainable projects and keen to support Siemens Gamesa, Commerzbank delivered a Green Guarantee Facility. The deal will help enable further expansion of Siemens Gamesa’s operations, and aligns effectively with Commerzbank’s Corporate Client strategy and focus on sustainability. The success of the transaction was testament to the benefits of open and fluid dialogue between the teams involved, as well as the agility of Commerzbank in ensuring a swift line approval process. The size of this new facility places Commerzbank as one of Siemens Gamesa’s main providers of green guarantees and reinforces the bank’s position as an active player in the sustainability market.
"This Green Guarantee Facility has been a landmark step in strengthening our long-standing relationship with our client. Siemens Gamesa is extremely successful in providing state-of-the-art technology and solutions both in on-shore and off-shore industries, and we are proud to be one its core banks, supporting them in this endeavour. Demand for finance products that support a sustainable economy is growing, and with sustainability firmly embedded in Commerzbank’s strategy, we are well positioned to offer clients solutions that allow them to meet the challenges – and grasp the opportunities – of the evolving, greener landscape. This green guarantee line demonstrates our commitment to providing sustainable transaction banking solutions that support our clients’ needs."
Regional Head Transaction Banking at Commerzbank