Energy

The Norwegian energy industry is a key export sector and a driver of green transition in Norway and abroad. Eksfin offers long-term financing and AAA-rated guarantee solutions for exporters, foreign buyers, and projects that use Norwegian services and technology in renewable energy such as offshore wind power, solar power, and hydropower, field development, and alternative energy sources. In addition, guarantee solutions are offered for industrial stakeholders in need of long-term power purchase agreements in Norway.

Note that Eksfin’s financing for commercial companies is contingent on the participation of their banks.

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How Eksfin supports Norway’s energy industry

Notodden 20110922. Grønvollfoss power plant by Tinnelva in Notodden. Photo: Terje Bendiksby / Scanpix

Who does Eksfin support?

Eksfin’s financing solutions are available to exporters, project developers, EPC suppliers, Norwegian power companies, and other buyers in the energy industry. Eksfin offers long-term financing to buyers of Norwegian capital goods and services in the energy sector. These can take the form of contracts for a well-established foreign buyer, or partial deliveries to a project. Risk relief for bank guarantees in connection with export contracts, such as for advance payment or delivery guarantee, are also available for the export of capital goods and services. In addition, Eksfin can assist Norwegian exporters who are in need of production loans or loans for investing in fixed assets in Norway by offering risk relief to the exporter’s bank in connection with the loan. Risk relief for loans for investments in Norway is also available to subcontractors to Norwegian exporters who can demonstrate substantial indirect export revenues. Furthermore, Eksfin manages a separate Norwegian scheme for risk relief in connection with the conclusion of long-term power agreements in Norway.

Find out more about what Eksfin can offer different parts of the energy industry, or get in touch with one of Eksfin’s advisors to learn more.

Renewable energy

Eksfin offers financing packages with both long-term financing and risk-relief guarantees in connection with renewable energy projects. Fixed interest rate options and long maturities make export financing an attractive element in financing solutions for renewable energy projects. Eksfin assesses the overall Norwegian content of the project or delivery to determine the possible extent of Eksfin’s financing. Eksfin may also include deliveries beyond the purely Norwegian content. In cases where the buyer does not enter into direct contracts with Norwegian suppliers, Eksfin will assess the extent of indirect Norwegian content in the transaction.

See point 4 (guarantee products) for power companies in Norway.
Fossil fuel energy sector

Norway has signed the COP26 “Clean Energy Transition Partnership” statement. The statement implies support fully towards the clean energy transition. Furthermore, Eksfin will end new direct support for the international unabated fossil fuel energy sector, except in limited and clearly defined circumstances that are consistent with the Paris Agreement’s 1.5C limit. The detailed operational guidelines for Eksfin in this sector are expected to be in place by year-end 2024.
CCS, CCSU, hydrogen and other clean energy projects

Eksfin can offer favourable financing packages with both long-term financing and risk mitigating guarantees in connection with other projects related to clean energy, such as CCS, CCSU, hydrogen, ammonia and others. Fixed interest rate options and long maturities make export financing an attractive element in financing solutions for capital-intensive clean energy projects.
Power purchase agreements in Norway

Industrial companies with high electricity consumption may need to enter into long-term power purchasing contracts. Eksfin offers guarantees to help reduce the buyer’s and power seller’s risk related to the conclusion of such contracts. This risk mitigation is only available to industrial companies registered in Norway operating in the wood processing, metals, and chemical sectors, when entering into agreements with Norwegian power companies.