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German state-owned KfW's export/project-finance arm extends Euler-Hermes-covered export credit to a Turkish independent power producer, conditioned on equipment supply from a German manufacturer (Nordex). This is the standard tied-export-credit playbook: the state development bank's financing is the vehicle, but the substantive industrial-policy effect is guaranteed offtake for German wind-turbine manufacturing, layered on top of Türkiye's own YEKA local-content renewable-auction framework. KfW IPEX-Bank explicitly frames this as a follow-on to its financing of the YEKA-2 auction wind farms in October 2024, indicating a recurring bilateral channel rather than a one-off deal.
Severity is set low (2) because this is a bounded loan to two wind farms for a single developer rather than an economy-wide subsidy scheme or market-access measure; the EUR 69 million quantum is disclosed, so severity_basis is quant.
renewable-energy equipment, following the same KfW IPEX-Bank pattern seen in other 2025 deals in this register (Duisburger Hafen, SSB Stadtbahn, Nowega hydrogen network, CEE Group repowering fund) — export-credit-backed project finance tied to German industrial suppliers.
regime (see 2024-11-04 YEKA-GES-2024 solar tender in this register) continuing to attract foreign state development-bank financing tied to equipment orders from the sponsoring country's manufacturers.
rounds, and for parallel Euler-Hermes-covered deals to other Nordex/Siemens Gamesa customers in Türkiye.
financing tranches for further YEKA-3 capacity beyond the 126 MW covered here.
percentage) were not disclosed in the press release.