Danish fund backs Envision and LM

Denmark's EKF fund has agreed to support Chinese wind turbine manufacturer Envision in a new partnership also involving LM Wind Power and Banco Santander.

by VIKTOR BRANDT KÆRGAARD

Through issuing a buyer credit letter, Denmark's Export Credit Agency (EKF) has enabled China's Envision to secure financing to grow its global business.

Envision has expanded into projects in India, Latin America, Australia, Europe and the Middle East, and the company will now continue to widen its reach with EKF's backing. Spanish bank Banco Santander will provide credit.

"This EKF-backed credit line will support our international expansion enabling us to deliver our growth strategy, with the Denmark-based companies as our business partners. LM Wind Power is the largest, global wind turbine blade manufacturer and it is also the largest Danish supplier of Envision. The company played a critical role in facilitating the set-up of the EKF-based credit facility," says Envision Chief Financial Officer Lily Low in a press statement from LM Wind Power.

LM Wind Power, a GE subsidiary, welcomes EKF's support.

"LM Wind Power's strategy is to continue supplying the leading companies in the wind industry and together to ensure the rapid growth of the sector. The success of this EKF credit facility is a demonstration of team-work, creativity and value creation for all stakeholders. Everyone wins: from a sovereign credit agency to financing institution, from lender to borrower, and from business exporter to the ultimate beneficiary," writes LM Wind Power Chief Executive Duncan Berry in the press release.

This is far from the first time EKF gets involved in a wind project, and the agency's Deputy CEO, Christian Ølgaard, views the credit guarantee as a promising way of supporting Denmark's wind sector.

"EKF has participated in financing wind farms all around the world, and we are pleased to do so once again with this new program, which will support Danish suppliers' sales to Envision," says Christian Ølgaard.

English Edit: Daniel Frank Christensen

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Danish fund backs Envision and LM

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