News

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Nexans Norway to supply cables to large offshore wind project off the coast of Scotland supported by financing from GIEK

“I would very much like to congratulate Nexans Norway AS for winning yet another supply contract for a major offshore wind project. A number of Norwegian companies are becoming increasingly visible in this sector. When GIEK’s guarantees contribute to contracts for Norwegian exporters, this is very gratifying,” says Norwegian Minister of Trade and Industry Ms. Iselin Nybø.

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Annual Report 2019: GIEK increases Norwegian exporters’ access to finance

2019 was characterised by commercial policy uncertainty, and 2020 has got off to a difficult start. In a challenging business policy climate, GIEK is even more important to exporters as a reliable and stable tool. During the year, GIEK provided new guarantees for NOK 22 billion NOK, the highest activity in one individual year since 2013: 178 new guarantees to 31 countries.

GIEK in media

Cases

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Scatec Solar constructs solar power in Ukraine with Norwegian state guarantees

Ukraine is utilizing Norwegian solar power to reduce its use of coal and nuclear energy. The Norwegian state guarantees NOK 145 million of the funding for a new 54 MW solar power plant located south of the capital Kiev. GIEK has provided NOK 1 billion (EUR 100 million) in guarantees for a number of solar projects in Ukraine in 2019.

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Petrobras receives guarantees worth USD 500m from Norway with an option for USD 500m more

In June, Brazil’s oil company Petrobras received guarantees from GIEK, the Norwegian Export Credit Guarantee Agency, for a total amount of USD 500 million. The guarantees, covering loans from a number of international banks, will finance services from Norwegian offshore support vessel companies operating on behalf of Petrobras in Brazil.

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Norwegian Shipyard Ulstein supplies the world's largest plug-in hybrid ferry to Color Line

GIEK has participated in the financing of “Color Hybrid”, the celebrated Ship of the Year at the NorShipping exhibition in June. The ship will be delivered from Ulstein Shipyard in July. 70 per cent of the ship's value consists of deliveries from specialised sub-suppliers in the Norwegian maritime cluster.

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The cruise ship Le Laperouse built at Vard Soviknes

June 15 Le Laperouse was delivered, the first cruise ship in a series of several new ships from Vard Group. Vard Søviknes yard now has full capacity utilization, and the group’s shipyards will supply cruise ships to several well-known actors on a continuous basis until 2021. GIEK is central to the funding of all vessels and in the conversion of Norwegian shipyard from mainly offshore vessels to other types of vessels to new markets.