SGRE Raises $1.6Bln in ‘Green’ Credit

Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.

The turbine maker has just completed a deal with Societe Generale (SGE.SG) to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year, in addition to 1.25 billion euro arranged with two other banks.

Siemens Gamesa will use this line for its worldwide business of manufacturing onshore and offshore wind turbine generators.

"This deal contributes to implementing projects that benefit the environment, address climate change and are socially responsible. It further enhances our company's firm commitment to the Sustainable Development Goals (SDG) in connection with 'Affordable and clean energy' and 'Climate action'. Incorporating environmental, social and governance criteria into finance is another step in our commitment to creating a better future for people and the planet, by optimising financial capital in order to accelerate the transformation towards a more competitive and sustainable business model," said David Mesonero, CFO of Siemens Gamesa.

“Societe Generale is fully committed with a responsible energy transition and we are proud to support Siemens Gamesa in the achievement of sustainable development goals through clean energy”, explain Laetitia Rodríguez, Banker at Societe Generale and Miguel Ángel Rodriguez Pinos, Head of Trade Finance in Spain.

Siemens Gamesa has installed over 99 GW of wind capacity worldwide, which produce enough clean energy to power nearly 85 million European households.

In this way, the company contributes to eliminating 260 million tons of CO₂ emissions each year, the equivalent of planting over 4 billion trees or removing the emissions of 170 million diesel cars.

The company also supports the global climate protection goals and has adopted the global initiative to decarbonise economies. Siemens Gamesa is steadily replacing conventional emission-intensive power sources with renewable energies in its operations.

Siemens Gamesa is a member of prestigious international sustainability indexes, such as Dow Jones Sustainability Indices, FTSE4Good and Ethibel Sustainability Index.