News

News

Eksfin can finance hydrogen projects

Investment in a hydrogen plant requires a lot of capital and involves both technological and regulatory risk. Cooperation between private capital, commercial banks and government funding is essential to lift investments in the entire value chain. Eksfin offers government loans and guarantees in close cooperation with commercial banks. Cooperation between banks and Eksfin increases the overall financing capacity for companies. Eksfin can finance projects for large corporations as well as SMEs and subcontractorsEksfin can assist companies in Norway with loan financing of investments, financing for foreign buyers of Norwegian exports and with working capital linked to exports.If your company is planning new investments or would like information about our products and services, we strongly encourage you to contact one of our client advisors. Eksfin offers: 1. Investment financingEnables Norwegian companies to invest in activities in Norway and overseas. If you are going to invest in fixed assets / non-current assets while maintaining the company’s liquidity, Eksfin can assist your company with loans and/or risk relief. In 2022, we expanded the offer with loans and guarantees for climate-friendly projects with export potential.Read about investment financing from Eksfin here. 2. Export financingLong-term buyer financing from Eksfin is available to international buyers of Norwegian capital goods and services and foreign subsidiaries of Norwegian exporters. Read more about buyer financing here.3. Counter GuaranteesIn some cases a Norwegian company may be asked to provide a bank guarantee to its foreign customers. The bank guarantee may cover actual delivery, advance payment or other risks the buyer takes. This is called a counter guarantee. Please find more information about counter guarantees here. Read More

Næringsminister Vestre
News

A new loan guarantee scheme in the wake of high energy prices is ready

At the end of September, the Norwegian Government signalled the introduction of a business loan guarantee scheme in the wake of high electricity prices. The scheme has now been passed by the Norwegian Storting and approved by the EFTA Surveillance Authority (ESA), and is in operation from today. It gives me great pleasure to announce that we are now ready to receive applications for the loan guarantee scheme. With this scheme, we will contribute to making it easier for energy-intensive companies with liquidity problems in the wake of high energy prices to get help from their bank. Minister of Trade, Industry and Fisheries, Jan Christian Vestre Companies deal with their banks The loan guarantee scheme mitigates the risk of banks when giving loans in that Eksfin guarantees up to 90 per cent of the borrowed sum the companies receives. This will contribute to companies getting loans they would not otherwise receive or would have cost more without the guarantee. Each bank must enter into an agreement with Eksfin, but companies deal with their banks. This is a temporary scheme lasting until the end of March 2023. ‘The financial situation has made the work difficult. I understand that many companies have been impatient, but we have been working intently on the last details. A good solution is finally in place,’ says the Minister of Trade, Industry and Fisheries. For companies with acute liquidity problems The loan guarantee scheme is a nationwide scheme for companies (regardless their size), who have their undertakings in Norway, and meet the criteria for energy intensity and increasing energy prices in the company’s area. The energy intensity of the company in the first six months of 2022 must have been at least three per cent measured as actual energy costs (energy consumption and transmission charges, exclusive VAT) as part of the turnover in this period.  Read more about the terms and conditions of the scheme When assessing loan applications, banks shall emphasise the eventuality that the company receiving the loan would have been able to pay the energy costs under normal market conditions (without the extraordinary high energy prices). Press release from regjering.no Read More

Tone Lunde Bakker innlegg energirapporter
News

A public-private sector cooperation must be put into place to lift major financing

Contribution of CEO Tone Lunde Bakker in connection with report launches on Norway’s energy industries in Oslo 21, November 22. Export and emission cuts are core elements in Eksfin’s mandate, Eksfin has therefore contributed to financing the renewables report in recent years. This year, energy has become uniquely actual in terms of both security and financial policies, and continues to be so in relation to industry and the climate. I would like to say five things based on the situation of the energy industries from Eksfin’s standpoint: 1.     Firstly: sustainability This word has multiple meanings. We must cut both emissions, which gives climate sustainability, and restructure and build a profitable Norwegian business community, i.e., financial sustainability.In other words: emission cuts must be profitable otherwise financing won’t be available, and if it’s not financed, it won’t happen. 2.     Secondly: public-private sector cooperation All other countries currently experiencing success with green growth have exerted public and private-sector muscle, by which I mean joint financial muscle, along with good public regulation, private initiative and knowledge. E.g., the EU Green deal and Fit for 55 and the USA’s Inflation Reduction Act. We should have equivalent initiatives in Norway. The projects, risk and investments are massive, and extend over many years, as such the State and business community must enhance them together at the same time. Example: Earlier a start-up might need MNOK 17 – now it can be BNOK 17, e.g., battery, hydrogen and offshore wind.Eksfin therefore uses a lot of resources to coordinate tightly with companies, clusters and other public actors. We have a pipeline of more than BNOK 70 for green projects. 3.     Thirdly: Europe Amidst national business and global ecological requirements, we must continue to help our European neighbours and trading partners through an accelerated energy shift. At the same time Europe is the largest market for Norwegian offshore wind suppliers. Therefore, Eksfin is working closely with other Nordic and European export credit agencies to finance projects and build competence together. So far, Eksfin has given BNOK 10 in financing for global offshore wind projects – most in Europe. We have done this with Danish, Swedish and French export credit agencies. 4.     Fourthly: value chains The petroleum, maritime and seafood industries have built widespread profitable value chains in Norway. We must accomplish the same with the new green industries. New initiatives like the Entry programmes for offshore wind, in which Eksfin participates with inter alia IN and Norwep, are therefore paramount. 5.     Fifthly: the shift Today we will be presented a report on fossils and a report on renewables. Norway has had a foothold in each industry for decades. Eksfin financed a lot of oil-related industries prior to 2015, but afterwards we have consistently financed more offshore wind, solar power and other environmentally-friendly technology. For some companies, the cash flow and security arising from oil and gas projects are essential in order to invest in the people, knowledge and equipment that will be required to deliver green solutions in years to come. Read More

Tone Lunde Bakker batteristrategi
News

Eksfin to help battery industry with investments and export

Battery production is difficult to finance, but the industry, the financial services industry and the government are working together to bring it to Norway. – Our goal is to increase Norwegian export and economic growth, while also cutting emissions—and to do this we need to work with the whole value chain, explains Tone Lunde Bakker, CEO of Export Finance Norway (Eksfin). Read More

Vestre batteriproduksjon
News

New battery strategy launched

On June 29 Minister of Trade and Industry, Jan Christian Vestre, launched the Norwegian Government’s Battery Strategy at FREYR Battery’s Mo i Rana Site. Eksfins CEO, Tone Lunde Bakker, held the following speech at the event. Read More

News

Massive sanctions against Russia

Sanctions against Russia has been a topic of increasing importance since the illegal annexation of Crimea in 2014, but the sanctions rapidly imposed by the EU, US and UK since end of February exceeds anything we have seen before in numbers and content, as well as coordination between sanctions authorities. Read More