This?operation?will help mitigate the FX exposure of selling offshore wind turbines in Taiwan?and contributes to?the UN’s Sustainable Development Goals.
Siemens Gamesa Renewable Energy (SGRE) has arranged?sustainable
FX?hedging?contracts, totalling €174 million in a landmark operation
coordinated with BNP Paribas. It represents another significant step in
the company’s commitment to sustainable development across all of its
activities.
These are the first FX hedging deals to be arranged under BNP Paribas’s
new sustainable derivatives platform linked to the United Nation’s
Sustainable Development Goals (SDG), through which Siemens Gamesa has
converted a notional total of €174 million in FX hedging deals to
‘green’ transactions. The derivatives are used not only to hedge the FX
exposure of selling offshore wind turbines in Taiwan, they also have an
impact on the SDG targets related to ‘Climate Action’, and ‘Affordable
and Clean Energy’.
The company continues to record new milestones in its sustainable
development strategy, having already raised €1.25 billion in ‘green’
transactions that contribute to the SDG programme.??
Recently, in another deal arranged with BNP Paribas, the company
converted a €240 million guaranteed credit line into a ‘green’ line and
signed an additional line for €110 million. That €350 million is in
addition to the €900 million in guarantees arranged with another bank.?
David Mesonero, CFO at Siemens Gamesa, said: “We are taking the lead in
green finance, and proving that sustainability can be present in every
step we take as a Company. This operation hedges foreign exchange risk
in a key market for us, and contributes to mitigating the effects of
climate change at the same time. By walking our talk we´re leading the
way for more and more companies.”
Amine Bel Hadj, Global Head of Sustainable Finance for Global Markets at
BNP Paribas, said: “This sustainable FX hedge illustrates BNP Paribas’
continued strength as an industry leader in sustainable finance. Our
pioneering and innovative structuring capabilities across rates and FX
support our clients in the energy transition and help accelerate the UN
SDGs. To accompany Siemens Gamesa´s sustainable journey, the bank is
providing this?hedge of?the FX exposure attached to a renewable project,
as well as committing to reinvest any premium in a reforestation
project.”
Alberto Sarricolea, Head of Corporate Coverage at BNP Paribas Spain
added: “Spain is at the forefront of the sustainable trend and BNP
Paribas feels proud to continue supporting sustainable champions like
Siemens Gamesa with innovative positive impact solutions.”
The FX hedging deals will direct premium payments towards financing
Forestry Projects. These Sustainable Initiatives include plantation
projects in Spain, which have a forest preservation objective.
Siemens Gamesa Environmental, Social and Governance (ESG) strategy
conceives global development to be underpinned by economic growth,
social welfare and environmental protection. The company is committed to
driving this global process forward and contributing to the achievement
of SDGs and related objectives. We create scalable technology solutions
for solving global problems and generate benefits while benefiting
society as a whole.
With over 95 GW of installed wind capacity, Siemens Gamesa contributes
to cutting emissions of CO?by 247 million tons per year, the equivalent
of planting 4 billion trees. The company also supports global climate
protection goals and has adopted the global initiative to decarbonise
economies. It has committed to be carbon-neutral by 2025, by replacing
conventional emission-intensive power sources with renewable energies in
its operations.
Siemens Gamesa is a member of prestigious international sustainability
indexes, such as Dow Jones Sustainability Indices®, FTSE4Good® and
Ethibel Sustainability Index®.
