Senvion SE increases financing framework to EUR 850 million

Senvion SE, a wholly owned subsidiary of the Suzlon Group, the world’s fifth-largest* wind energy turbine manufacturer, signed an agreement in late March with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated loan of EUR 850 million. This move enables Senvion to secure follow-on financing early for the credit facilities of EUR 750 million agreed in May 2012 for the period up to August 2014.

In total, 14 international banks and credit insurance companies are participating in this financing with a term of three years, syndication of which was significantly oversubscribed. Six new high-profile names with excellent ratings have been secured to the consortium. The financing structure remains largely unchanged and chiefly consists of guarantee facilities.

Marcus A. Wassenberg, CFO of Senvion SE, emphasises the importance of this agreement for the company: “Particularly in the current political and economic environment in our sector, the confidence of our banks and credit  insurance companies is confirmation of Senvion’s strategic orientation. The EUR 100 million increase in our credit facilities also sends a strong signal to our customers.”