Euler Hermes

Euler Hermes was identified as one of the export credit agency and credit-insurance participants supporting the financing package for the Gemini offshore wind farm in the Dutch North Sea. The project reached financial close in 2014 for the construction and commissioning of the 600MW wind farm located about 85km offshore Groningen, consisting of 150 Siemens SWT-4.0-130 turbines and associated offshore and onshore electrical infrastructure. In this context, Euler Hermes’ involvement related to credit insurance / export credit support that underpinned part of the project’s debt facilities. Such support is typically used to enhance bankability by mitigating counterparty and repayment risk for lenders and other financing participants, particularly where equipment supply chains and international contracting structures are involved. The cited financing structure combined senior debt, equity, and subordinated debt, with support from multiple commercial banks, the European Investment Bank, and export credit agency/insurance counterparts. Euler Hermes was referenced alongside EKF and ONDD as part of that export credit/credit insurance support group for Gemini’s build-out, aligning this role with the project’s development-to-construction transition and the capital structuring required to execute the offshore wind farm.