Download pdf - Scanorama

» ���������������������
”While the bulk of our loan volume is related to
the offshore oil and gas sector, supporting
Norwegian exporters of climate technologies is an
important part of our objective. Norwegian companies
compete in a growing international market,
where global investments in renewable energy
increased sixfold from 2004 to 2011, reaching
257 billion US dollars,” says Ivar Slengesol, EVP
About Export Credit Norway:
» Founded on June 25, 2012.
» Wholly owned by the Norwegian
government represented by the Ministry
of Trade and Industry.
» Will administer a loan portfolio of
approximately 30 billion NOK by year end
2012, expected to rise to 55–60 billion
during 2013.
» Specialises in long-term loans with typical
repayment terms of up to 18 years
to customers of Norwegian exporters.
» All loans must be secured by guarantee(s)
from The Norwegian Guarantee Institute
for Export Credits (GIEK) and/or
acceptable bank(s).
Special advertising supplement
”Export Credit Norway offers competitive export financing to promote exports from Norway.
We help Norwegian exporters to succeed abroad,” says Ivar Slengesol, EVP Director of
Lending – Industry and Renewable energy at Export Credit Norway.
Helping Norwegian
exporters succeed
abroad
������������������������������������������������������
��������������������������������������������������������
���������������������������������������������������������
�����������������������������������������������������
�����������������������
Director of Lending – Industry and Renewable
Energy at Export Credit Norway.
�������������
A limited liability company wholly owned and
funded by the Norwegian government, Export
Credit Norway has been operational since July,
taking over the export financing services formerly
run by Eksportfinans ASA. In a volatile financial
market, the long-term loans provided by Export
Credit Norway are becoming increasingly sougth
after, which is reflected in record-level new
disbursements.
”New global regulations are forcing commercial
banks to cut back on their long-term lending,
and loans with repayment periods beyond five to
seven years are becoming a scarce resource. This
creates higher demand for export financing. We
have seen the outstanding loan balance more than
triple since the 2008 financial crisis,” Slengesol
points out.
������������������������
In 2011, renewable energy accounted for nearly
half of all new power generation capacity added
worldwide. In 2004, renewables’ share was 10
percent. While investment levels are increasing,
the cost of energy is plummeting.
“This is a positive trend in a climate perspective,
while offering new global business opportunities.
In a very short time, new renewable energy such
as solar energy and wind power has gone from
alternative to mainstream,” Slengesol states.
�������������������
The projects and companies within this sector that
have made use of the Norwegian export financing
scheme include solar power plants in the Czech
Republic, hydropower projects in Turkey and
Indonesia as well as an offshore wind farm in
Belgium.
”Our owner, the Norwegian government, has
asked Export Credit Norway to actively contribute
to realizing projects developing new technology.
Supporting small and medium-sized businesses
is another priority area, and many Norwegian
exporters of climate technologies fall within this
category. In today’s market, small and medium
enterprises find it challenging to obtain sufficient
financing from banks, making our role an
increasingly important one,” Ivar Slengesol
concludes.
��������������������������������������������������������������������������������������������������������������������www.exportcredit.no