Finland. Moventas Oy
| Date of agreement: | 17 Mar 2008 |
|---|---|
| Country: | Finland |
| Customer: | Moventas Oy |
| Amount in EUR: | EUR 40 million |
| Maturity: | 9 years |
| NACE sector / loan type: | Electricity, gas, steam and hot water supply |
This loan contributes to climate change mitigation: 25%
Project
The 9-year-maturity loan totalling EUR 40 million, as part of a senior syndicated loan agreement, has been provided to Moventas, one of the world’s leading independent manufacturers of wind turbine gears and industrial gears, for financing its investment in a new wind turbine gear manufacturing facility in the town of Jyväskylä in central Finland. The facility, due to be completed in late 2008, will double Moventas’s wind turbine and industrial gear production capacity.
The company is rapidly expanding its production capacities in order to meet the soaring demand for wind turbines. Moventas designs, manufactures and markets mechanical power transmission solutions and services for the process and energy industries. The company is well known for reliable power-transmission solutions in the wind power industry.
The senior syndicated loan agreement includes Sampo Bank acting as the coordinator and the mandated lead arranger, Pohjola Bank as the mandated lead arranger, the Nordic Investment Bank and the insurance company Ilmarinen Mutual Pension as co-arrangers.
Sustainability summary
Moventas’s investment in a new factory for the production of gear boxes for windmills has some positive environmental effects, as more gearboxes will be available on the market as a result of increased production volumes, which will enable the establishment of new windmill farms. The new production plant will also use new and more effective production techniques.
