News

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Greener offshore sector financed by GIEK

For the first time GIEK has provided financing for the installation of battery packs onboard two platform service vessels (PSVs). The hybrid propulsion helps secure new contracts for the ships, Norwegian companies deliver the hardware and installation, and Norwegian emissions are reduced. The industry appreciates GIEK’s support. (Photo: Gunder Tande Sandersen)

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Sustainability - a key part of our due diligence work

By Kamil Zabielski, Head of Sustainability at GIEK

Sustainability, including environmental, social and financial aspects, is a key part of GIEK’s due diligence work. GIEK has been an active contributor to ECA guidelines and the regulatory framework that promotes sustainable business. GIEK’s work on sustainability is aimed both at reducing our clients’ business risks, as well as contributing to Norway’s work on the Agenda 2030 and the Sustainable Development Goals (SDGs).

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.