Details on recent Japanese export financing for Theistareykir project, Iceland
Signing of the ECA in Iceland (Source: Landsvirkjun- Press Release)
Alexander Richter
13 Jan 2016
Details on recent unique export credit financing of Japanese turbines for geothermal project in the North of Iceland.
In a great overview, publication Trade & Export Finance reported on details for an export-credit backed financing for the Theistareykir geothermal project of Landsvirkjun in Iceland. We reported on the deal just before the holidays last year.
The $64 million deal was a first for Iceland and Japanese turbine suppliers. The deal for the financing of two 45 MW turbines by Fuji Electric was a co-financing with the participation of a group of commercial banks “in collaboration with Japan’s Export Credit Agencies (ECA), the Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI). JBIC provided a buyer’s credit facility of up to $34 million, with commercial banks Citibank, Bank Yokohama and Commerzbank co-financing the rest of $34 million with a 100% guarantee by NEXI.
In December as well, Landsvirkjun signed a revolving credit facility of $200 million with Citibank, Barclays, Islandsbanki and SEB as bookrunning coordinators and Arion Banki, ING and JP Morgan as mandated lead arrangers.
To read the full piece use link below.
Source: Trade & Export Finance
