Finnish Export Credit financing facility signed with Wärtsilä's customer for a project in the Dominican Republic
(Thomson Reuters ONE) -
Wärtsilä Corporation, Press release, 24 September 2010, at 10 am (EET)
An export credit facility between Seaboard Corporation, a US-based company and a
client of Wärtsilä, and Standard Chartered Bank was signed on September
17th, 2010. This 12-year, USD 114 million (EUR 88 million) transaction to
finance a power plant project in the Dominican Republic, is the first
non-shipping and only the second export contract to utilize the new Finnish
Export Credit (FEC) financing scheme.
Seaboard Corporation will use the credit funds to acquire a barge-mounted power
plant from Wärtsilä to supply electricity to the national grid of the Dominican
Republic. Under this turnkey contract, announced by Wärtsilä on August 30,
Wärtsilä will supply generating equipment for this power plant, which will run
on natural gas, and have a net output of 106 MW. It is scheduled to be
operational before the end of 2011.
In response to the liquidity constraints caused by the global financial crisis,
the Finnish Parliament, in December 2008, approved a temporary refinancing
program of export credits by FEC for the years 2009 and 2010. The aim of the
program is to ensure continuity in the long term financing of export
transactions for Finnish export companies.
"We are very pleased with Wärtsilä's ability to support us in the full turnkey
power barge project, not only with their competitive power plant solution, but
also with support in finding suitable financing for the project," says Barry
Gum, Vice President, Finance and Treasurer, Seaboard Corporation.
"The Finnish Export Credit financing scheme provides the necessary liquidity to
fund credits extended to customers of Finnish exporting companies. It is an
important element in maintaining the competiveness of Finnish exporting
companies under the prevailing constraints within the funding market. While the
availability of financing has improved since the financial crisis, the need for
credit facilities backed by the Finnish Government through Finnish Export Credit
and Finnvera remains," says Markus Pietikäinen, Vice President Group Treasury
and Financial Services at Wärtsilä Corporation.
For further information, please contact:
Markus Pietikäinen
Vice President, Group Treasury and Financial Services
Wärtsilä Corporation.
Tel: +358 10 709 5630
markus.pietikainen(at)wartsila.com
Tuula Franck
Senior Manager, External Communications
Wärtsilä Corporation
Tel: +358 400 267555
tuula.franck(at)wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine
and energy markets. By emphasising technological innovation and total
efficiency, Wärtsilä maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2009, Wärtsilä's net sales
totalled EUR 5.3 billion with more than 18,000 employees. The company has
operations in 160 locations in 70 countries around the world. Wärtsilä is listed
on the NASDAQ OMX Helsinki, Finland.
www.wartsila.com
Finnvera and FEC in brief
Finnvera plc is a specialised financing company owned by the State of Finland.
By providing loans, guarantees and export financing services, Finnvera
supplements the financial market and improves the range and versatility of
financing options available to Finnish enterprises.www.finnvera.fi
Finnish Export Credit Ltd (FEC) is an internationally notified official Export
Credit Agency and a wholly owned subsidiary of Finnvera.
www.fec.fi
[HUG#1446588]
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Source: Wärtsilä Oyj Abp via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 24.09.2010 - 09:00 Uhr
Sprache: Deutsch
News-ID 43010
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contact information:
Town:
Helsinki
Kategorie:
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"Finnish Export Credit financing facility signed with Wärtsilä's customer for a project in the Dominican Republic"
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