Are you looking for financing to buy green technology from Norway? Export Finance Norway (Eksfin) can assist you, with backing from the Norwegian state. Green and innovative technology is now taking form all around the world thanks to this support.
published 25 October 2023
Norway has two major competitive advantages. The first is world-leading technology and expertise, particularly in shipping, offshore oil and gas, and other ocean industries. The second is a combination of reliability and quality – there is little corruption in Norway and Norwegian companies can demonstrate that their goods and services satisfy the most stringent quality requirements.
But there is a third competitive advantage that also makes Norway attractive to international companies. When an international buyer signs a contract with a Norwegian supplier, they gain access to secure, dependable financing backed by the Norwegian government.
Export Finance Norway (Eksfin) supplements commercial financial institutions. In a nutshell, Eksfin provides loans and guarantees to companies who buy from Norway. Although Eksfin often issues guarantees for its own loans, it can also issue them for loans from other banks and financial institutions. Correspondingly, Eksfin can also grant loans with guarantees from other banks and financial institutions.
Ambitious projects featuring Norwegian technology and expertise receive the financing they need thanks to Eksfin, which provides financing for export contracts of all sizes and can finance or guarantee up to 85 per cent of the total contract value. There are also tailormade solutions for small and medium-size enterprises (SMEs).
Here are four recent cases of green technology that received financing:
1. Powering more than a million households
Eksfin has supported a myriad of sustainable projects that would otherwise have been difficult to realise. These include loan financing to the Hai Long wind park in the Taiwan Strait on the back of services rendered by Seaway 7. Situated between 45 and 70 km off Taiwan’s Changhua coast, the 1-GW offshore wind farm will be the largest in Taiwan, with the capacity to supply clean energy to more than a million households.
2. Supporting a Spanish energy player
Another offshore wind example is loan guarantee financing for Spanish energy company Iberdrola. The financing supports Norwegian exporters’ participation in the East Anglia Three wind park project in the UK. For the first time, Eksfin provided guarantee financing to a Spanish energy company, facilitating significant export opportunities for the Norwegian supplier industry, in accordance with its mandate.
3. Providing solar to more than 600 000 homes in Brazil
Eksfin has also supported Scatec ASA’s solar power plant in Mendubim, Brazil, with USD 71 million in guarantees. Scatec is building the 531-MW plant in the state of Rio Grande do Norte in northeastern Brazil, together with partners Equinor and Hydro Energy’s renewables segment, Hydro Rein. The plant will give Hydro Energy’s Alunorte refinery access to renewable energy for alumina production by supplying 1.2 TW of power and will provide electricity to more than 600 000 Brazilian homes.
4. Capturing half a million metric tons of CO2
Aker Carbon Capture has been awarded contracts to deliver carbon capture to Ørsted’s wood chip-fired Asnæs Power Station and the Avedøre Power Station’s straw-fired boiler, both part of the Ørsted Kalundborg Hub. The five Just Catch carbon capture units will have a combined installed design capacity of 500 000 metric tons of CO2 per year. The contract, with leading Danish renewables company Ørsted, is worth over EUR 200 million in total. The guarantees mark Eksfin’s debut in carbon capture and storage amid a burgeoning global market for Norwegian climate technology.
Let's imagine an international shipping company wants to install a sustainable solution on one of its vessels, such as a hybrid propulsion system or a ballast water treatment system, for example.
The buyer, the buyer’s bank or the Norwegian supplier can submit a loan and guarantee application to Eksfin. Buyers can also contact Eksfin directly for advice on the best export financing solutions.
The process from loan application to disbursement at Eksfin is easy, and you can apply online. As part of the process, Eksfin assesses the buyer’s creditworthiness and the risk of political unrest in the buyer’s country. Eksfin also reviews the company’s profile when it comes to sustainability, employment conditions and corruption.
Norwegian exporters can also apply for loans and guarantees from Eksfin.
Most major export contracts involving Norwegian companies are related to the ocean industries. It should come as no surprise that companies and organisations looking for robust, flexible and sustainable ocean solutions turn to Norway. The country has been a leading offshore nation for over 50 years; it is home to a complete maritime value chain; and it has a highly educated, tech-savvy population.
Eksfin has extensive experience in ship and maritime export financing and special expertise in maritime financing related to offshore petroleum and renewable energy.
Exports are not limited to ocean solutions. Norway also has burgeoning health tech, battery, hydrogen and solar energy industries, among others. Nor are exports limited to tangible objects like heat pumps for waste heat recovery or systems for reusing batteries from electric cars.
Norwegian knowhow is also sought after. Companies turn to Norway to procure assistance in technology development and implementation, cutting-edge expertise and project management.
Regardless of what you are looking for, if you have an ambitious and sustainable project, the Norwegian government has the financial mechanisms in place to help you to realise it.