Norway’s GIEK actively seeking new offshore wind business worldwide

GIEK (The Norwegian Export Credit Guarantee Agency) has quadrupled its offshore wind portfolio to NOK 4.2bn ($453 million) since the tail end of last year and is actively seeking new business worldwide as part of its mandate to bolster the participation of Norwegian exporters in a burgeoning but capital-intensive sector.
Norway’s GIEK actively seeking new offshore wind business worldwide
Courtesy of Fred Olsen Windcarrier

While the focus of state-owned GIEK has traditionally been oil and gas and shipbuilding followed by fisheries and aquaculture, it has widened its mission to include offshore wind, and more generally banks and investors participating in large international energy-infrastructure projects.

GIEK's core offering are AAA-rated guarantees for long-term loan financing, as well as contractual delivery guarantees that protect both buyers and suppliers in case of default.

“Offshore wind is really gaining momentum and is a great example of how we can actively help Norwegian industry re-channel by opening the door to new markets for existing wind expertise and other companies looking to extend their reach into green technology” said GIEK chief executive Wenche Nistad. “By choosing a Norwegian supplier you can count on receiving good financing from GIEK in support of the purchase. Norway can offer triple A-rated instruments, which are a key tool in reducing the cost of project financing. We work together with commercial banks to share project risk, so loans will be repaid.” Customers pay risk premium on competitive commercial terms”.

Nistad added that GIEK has lots of experience from offshore and shipping which it is now bringing into offshore wind.

Offshore wind promises to be a winner for Norwegian suppliers looking to maximize new opportunities in a changing energy landscape – and as activity in offshore oil and gas is projected to slacken after 2020 amid a lack of big new finds.

GIEK is keen to hear from project owners and their banks worldwide.

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Tags: Offshore , Wind , Oil
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