Danish wind turbine manufacturer Vestas Wind Systems has completed a new five-year revolving credit facility at a total amount of EUR 1 billion (($1.4 billion approx).
The facility has been successfully increased from the originally agreed total of EUR 850m and is now arranged by a group of six banks comprising of Nordea, DNB, HSBC, SEB, Société Générale and UniCredit.
The credit facility has been raised on attractive terms that reflect the improved credit profile of Vestas and will provide a stable, long-term financing platform that adequately supports Vestas’ objective of profitable growth, the company said in a statement.
Vestas will continue to assess its debt financing requirements and options across all non-public and public debt markets.
The facility provides for both cash drawings with a sub-limit of EUR 500m.
In another development, Vestas announced the company received 194 MW order for V100-2.0 MW turbines from EDF Renewable Energy.
The order includes supply and commissioning of the wind turbines, as well as a five-year Active Output Management (AOM 5000) service agreement. Delivery is expected to be completed in the fourth quarter of 2015, with commissioning completed the same year