Nordex secures €350 million Covid-19 aid loan

Nordex has secured a €350 million facility through the German government’s loan guarantee programme.

The revolving syndicated loan facility of €350 million is provided by a banking consortium and runs until 30 April 2022.

The Federal Republic of Germany, city of Hamburg, and state of Mecklenburg-West Pomerania have guaranteed 90% of the credit line.

Nordex CFO Christoph Burkhard explained: “With this credit facility, we are soundly protecting the company against the effects on our operating business and remaining uncertainties caused by the Covid-19 pandemic.”

The turbine manufacturer had announced its intention to apply for support through the government’s programme back in April.

Nordex is due to publish its financial results for the first half of the year next week (13 August). The manufacturer earlier this year withdrew its guidance for the 2020 financial year.

Earlier this month, it announced its intention to sell its entire 2.7GW development portfolio of European wind and solar PV projects to renewables developer RWE for about €402.5 million.