Swedish electric utility Vattenfall AB on Thursday announced it has obtained a EUR-3-billion (USD 3.24bn) credit line coordinated by Danske Bank, Nordea and Societe Generale.
The energy company which targets phasing out hard coal by 2030 said in a statement that the new credit line is replacing bilateral facilities of EUR 4.3 billion. They were established last year for the purpose of securing Vattenfall’s liquidity amid the very volatile energy market at the time.
The co-owner of the Hollandse Kust Zuid wind project off the Dutch coast explained that a restructuring of its business coupled with a more stable energy market has resulted in a reduced need for liquidity.
“Following a strong show of support from the banking partners, who were prepared to commit a significantly higher amount than requested, the new facility is established together with a group of close relationship banks,” said Maria Paulinz, Head of Treasury at Vattenfall.
(EUR 1.0 = USD 1.079)
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