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DKK 250 million from PensionDanmark for new Danish export order

Yet another Danish export order has been secured thanks to PensionDanmark's partnership with EKF (Denmark's Export Credit Agency). The order is for the export of 72 Vestas wind turbines for an offshore wind farm project in Belgium, Northwind, for which the Danish company Bladt Industries is another supplier of equipment and services. PensionDanmark contributes funding of DKK 260 million.

The export agreement is the second agreement to be secured through the partnership between PensionDanmark and EKF last autumn – the first partnership between an institutional investor and EKF. Under the partnership, PensionDanmark will make DKK 10 billion available for funding of Danish export orders. PensionDanmark, in collaboration with EKF, will lend funds to foreign companies for the purchase of goods from Danish companies. EKF provides security to PensionDanmark that the loans will be repaid.

With the new agreement, PensionDanmark has contributed funding in excess of DKK 1.2 billion for Danish export orders.

"We are extremely pleased with our agreement with EKF, which will benefit both PensionDanmark's members and Danish exports. PensionDanmark's members are ensured a stable return substantially above the bond rate. Moreover, the partnership facilitates Danish export orders at a time when it is difficult for the international customers of Danish companies to obtain bank funding," says Torben Möger Pedersen, CEO of PensionDanmark.

"The partnership between EKF and PensionDanmark showcases how public-private partnerships can generate growth and jobs. This partnership model has attracted significant attention – also internationally. With the Northwind project, the partnership proves its worth for the second time," says Anette Eberhard, CEO of EKF.

The first export agreement under the framework agreement with EKF fell into place last autumn when PensionDanmark made about DKK 1 billion available to finance export of 66 Vestas wind turbines to a wind farm in Sweden.

Facts about the investment

PensionDanmark makes funding worth DKK 260 million available for the offshore wind farm Northwind, off the coast of Belgium, with an overall limit of DKK 4.7 billion. EKF provides security to PensionDanmark that the loan will be repaid. Northwind is owned by the supermarket chain Colroyt and a Belgian developer. Vestas supplies 72 wind turbines (V112 – 3.0 MW) and a 15-year service agreement for the project. The Danish company Bladt Industries also supplies equipment and services for the project.