BBVA and Nordex sign three green factoring operations
BBVA has certified as green three non-recourse factoring operations from the wind turbine manufacturer Nordex. Closed in 2019 for approximately €265 million, the operations will deduct invoices from wind turbine supplies that the Germany company will provide the builder of various wind farms.
Through factoring, a short-term working capital financing option that involves the early payment of the amount owed in debts, the bank directly finances the supplier, helping it to enhance its commercial offer. Thus, the bank facilitates the deferment of payment until the wind farms are operational, which is when the builder disburses all the funds. In this case, a total of 105 turbines will be installed, with a capacity to generate 379.5 MW of energy.
These factoring operations have been classified as green based on BBVA’s sustainable transaction banking framework. Specifically, it is considered green because the funds will be used for the construction of wind energy projects. In addition, they comply with Sustainable Development Goal (SDG) number seven and thirteen: affordable and clean energy, and climate action, respectively. With operations like this, BBVA reaffirms its commitment to the United Nations Global Compact Principles, with the goals established in the Paris Agreement from COP21 and with achieving the United Nations Sustainable Development Goals.
About Nordex
For nearly 35 years, the group’s main focus has been on the development, manufacturing, project management and servicing of onshore wind turbines, with over 6,000 employees around the world. Founded in 1985, the Nordex Group has a proven track record launching industry-leading products, starting as pioneers in the the mass production of 1 MW turbines (1995).
The Nordex Group offers highly efficient and competitive technology. Its wind turbines make it possible to generate affordable energy in the long term from wind energy in all geographic and climatic conditions. The group’s complete portfolio of products offers individual solutions for markets with limited space, as well as for regions with limited grid capacity.
As a supplier of innovative onshore wind turbines, Nordex contributes to sustainability by constantly increasing the share of renewable energy in the global energy mix. Sustainability is at the heart of the group’s business model, which takes a holistic approach to sustainability based on on the conviction that both a sustainable mindset and commercial activity are vital, not only to ensure the future viability of the Nordex Group, but to secure an environment for future generations.