SIMEST awarded at TXF’s “Perfect Deals of the Year 2021” for Viking Link, the first green export financing in Europe with ECA guarantee.

30 April 2021

SIMEST, alongside SACE, received the “Perfect Deals of the Year 2021” award from TXF, a leading international magazine specialising in trade & export finance, thanks to the Viking Link operation, the first “Green Loan” with an ECA (Export Credit Agencies) guarantee to support Italian exports and renewable energy infrastructure in Europe. Viking Link, the largest submarine electricity interconnection in the world, worth a total of EUR 2 billion, links Great Britain and Denmark with a stretch of 760 kilometres, for which SACE and SIMEST have supported a major player such as Prysmian with technology made in Italy, as well as a large chain of Italian subcontracting SMEs.

Prysmian, a leading Italian company specialising in the production of cables for energy and telecommunications applications and fibre optics, has been entrusted, following an international tender by National Grid, with the design, manufacture, installation, testing and commissioning of onshore and offshore cables. The cables will be manufactured using Italian technology: in particular, the submarine cables will be developed and produced at the Arco Felice (Naples) plant of excellence.

The transaction makes a significant contribution to an infrastructure project of strategic importance to the UK and Denmark, which will be completed by 2023. The project will improve the efficiency of the UK and Denmark’s power generation plants and transmission networks, increase the security of electricity supply and help meet national emissions targets (COP21). By 2030, 90% of the electricity from National Grid’s interconnections will be carbon neutral.

Source: INSME Secretariat

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