Siemens Energy – the new parent of wind turbine maker Siemens Gamesa – has obtained a revolving credit line of €3bn ($3.56bn) with an international consortium of banks that is linked to sustainability criteria.
Financing costs are linked to the fulfilment of defined key performance indicators (KPI) referring to environmental, social and corporate governance criteria (Environmental, Social and Governance, ESG), which help to reduce the emission of greenhouse gases (CO2 Equivalent) and Lost Time Injury Frequency Rate (LTIFR).
Siemens Energy in the wake a restructuring of industrial conglomerate Siemens AG took over the 67% Siemens AG owned in Siemens Gamesa, and in its Siemens Gas & Power unit bundles all other energy-related activities of Siemens (apart from wind turbines), including transmission (also from offshore wind farms), generation (gas turbines, steam turbines, generators, hydrogen solutions), and industrial applications for oil and gas.
Siemens Gamesa remains a separate subsidiary with headquarters in Spain, and independent management.
"We are already very well financed for our planned listing at the end of September. The new credit line will provide Siemens Energy with additional financing that can be drawn on at short notice, thus ensuring additional flexibility,” said Maria Ferraro, chief financial officer at Siemens Energy.
Siemens has said earlier that it plans the stock listing of Siemens Energy at the end of September 2020.
The credit line includes a ‘swingline option’ of €1bn for funds that can be drawn at very short notice. The agreement has a term of three years with two one-year extension options and serves general corporate purposes.