Siemens Gamesa Ups 'Green' Credit to $1.4Bln

Wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) has increased the amount of guarantees that qualify as "green" to €1.25 billion ($1.4Bln) as they contribute to the United Nations Sustainable Development Goals (SDG).

The deal, arranged with BNP Paribas, adds €350 million to the existing line of €900 million in "green" guarantees arranged with other banks.

Siemens Gamesa will use this line to fund its business of manufacturing and selling onshore and offshore wind turbines worldwide, with a positive impact on the Sustainable Development Goals (SDG) relating to "Affordable and clean energy" and "Climate action".

"This deal is a further step in our commitment to being one of the main drivers of sustainable development. The Sustainable Development Goals reflect a new understanding that global development must integrate economic growth, social well-being and environmental protection. At Siemens Gamesa we are focused on driving this global process and contributing to attaining those goals. In fact, our wind turbines produce clean energy for millions of homes and contribute to combating climate change, one of the main challenges that we face at present," said David Mesonero, CFO of Siemens Gamesa.

"BNP Paribas is fully aligned with Siemens Gamesa in pursuit of the common goal of a low-carbon economy," said Alberto Sarricolea, Head of Corporate Banking at BNP Paribas, adding that "this deal, which has a positive impact on society, also contributes to our group's goal of providing over €15 billion in funding for renewable energy by 2020, a goal we had amply exceeded by the end of 2018."

With over 95 GW of installed wind capacity, Siemens Gamesa contributes to cutting emissions of CO₂ by 247 million tons per year, equivalent to planting 4 billion trees.

The company also supports the global climate protection goals and has adopted the global initiative to decarbonize economies. Siemens Gamesa has undertaken 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, Ethibel Sustainability Index and Global Challenges Index.