French energy company Engie has secured a €500 million syndicated credit facility from Denmark's Export and Investment Fund (EIFO), aimed at supporting several onshore wind projects globally that will involve Vestas wind turbines. The facility, arranged by Société Générale and Citibank, is expected to co-finance over 1GW of renewable energy capacity across multiple projects.
As of 2023, Engie has a consolidated installed renewable energy capacity of 41.4GW. This new financing arrangement marks EIFO's first credit facility issued to the French utility market.
Peter Boeskov, Chief Commercial Officer of EIFO, emphasized the significance of the agreement, stating, “We have been diligently working on establishing a cooperation with Engie, making this an ideal opportunity to show our shared interests. We are pleased to have finalised the agreement as it marks another milestone for EIFO.
Pierre-François Riolacci, Chief Financial Officer of Engie, noted the strategic value of the deal, saying, “We are very happy to further diversify our sources of financing with our first corporate loan involving an OECD Export Credit Agency. This agreement reinforces our relationships with suppliers and institutions from Denmark, which are well known for their commitment to the energy transition.
The credit facility is set to support Engie's ongoing efforts in expanding its renewable energy portfolio, particularly in the onshore wind sector, as part of the company's broader energy transition strategy.
