This Monday, a line of guarantees of €1,200 million has been formalized for the wind power plant builder. The support has been granted by Cesce, in which the State has a 50.25% stake, and six financial institutions, including BBVA and BNP Paribas as structuring banks; and Caixabank, Crédit Agricole, KutxaBank and Santander as members of the banking syndicate. Gamesa will use these funds to back its wind power projects with technical guarantees. In other words, bank guarantees covering the execution of the project over several years and financially backing its viability.
Cesce will guarantee half of the line, up to a maximum of €600 million, while the other guarantor banks will share the other 50% of the risk. Cesce’s coverage is provided on behalf of the State. However, Cesce states that the operation “should not entail any cost for the State as Siemens Gamesa has no defaults in its payment history and these payments are guaranteed by the parent company”.
This line is complementary to those agreed by the German government with Siemens Energy, parent company of Siemens Gamesa, for a total amount of €11 billion. And the Spanish model follows a similar scheme to that of these aids, since the Federal Government guaranteed €7,500 million out of a total of €12,000 million in guarantees for Siemens Energy; €11,000 million would be sent to the German energy company through a banking syndicate and the other €1,000 million would be provided through another consortium led by Deutsche Bank.
