The focus of the new boss of Eksfin on sustainable development
She is clearly excited about new opportunities to support a new generation of entrepreneurs in Norway and their clients elsewhere.
The “green shift” of maritime transport is a priority and the government agency, the result of a recent merger of Export Credit Norway and GIEK, has already provided guarantees for nearly one billion euros for the construction of 35 ships more respectful of the environment. These are cruise ships for the Ponant in France, domestic ferries and cruise / ferry operators – Boreal, Color Line, Fjord1, Hurtigruten – and environmental components for Altera Shuttle Tankers, a subsidiary of Teekay Offshore Partners.
In a recent interview, Bakker revealed new priorities for the future. Norway, with the world’s largest sovereign wealth fund, has no shortage of money. But the longtime banker, ex-CEO of Swedbank Norway, aims to channel Eksfin’s financial products into new arenas with strong sustainability credentials including floating wind, aquaculture, digital and other high-end technologies.
Commenting on the merger, carried out before his arrival, Bakker explained that Eksfin now offers a simpler one-stop-shop option for customers who can seek financing, export guarantees. or both. “Due diligence processes are simpler, faster and more efficient,” she said. “We have more resources to talk to different companies, one person rather than two can explain the different products we offer. “
The merged entity also simplified things to a higher level. “There is closer cooperation between different government entities working in export industries,” she said, referring to Innovation Norway, Norwegian Seafood Council and Norwegian Energy Partners.
A first strategic adjustment consisted of creating two divisions – one for large companies and one for small and medium-sized enterprises (SMEs). Bakker points out that 90% of Norwegian companies are now SMEs, employing less than ten people, and some of the best ideas are born in these young companies.
Bakker explained that Eksfin is industry neutral, but noted a huge increase in potential business in renewable energy and related sectors. She placed particular emphasis on floating wind, noting that fixed-bottom wind can now access capital markets and other forms of long-term infrastructure finance that are not yet available for use. floating projects.
She also highlighted the energy transition in action. “A lot of money that is spent today [in floating wind] comes from companies that have oil and gas revenues. Equinor, for example, plans to invest around $ 23 billion in floating wind power over the next five to six years.
Bakker highlighted two new floating wind projects on the Norwegian continental shelf for which warrants have not yet been issued. She also highlighted Hywind Scotland, Hywind Tampen, a floating installation off the Norwegian coast, providing clean Power-to-X energy for offshore oil and gas installations, and a concept for a 1 GW floating installation in Scotland, with over thirty times the release of Hywind Scotland. Equinor is also involved in two fixed-bottom wind projects off the coast of New York State, precursors of likely floating wind developments off the country’s west coast.
In addition, Bakker will open two regional offices outside of Oslo, “cohabiting with Innovation Norway”. An office will be located in Ålesund, where the new Export Strategy Board is located. It also expands Eksfin’s portfolio to cover export services, as well as products and assets.
For example, this strategy allows the agency, in collaboration with the bank DNB, to offer customers of the coatings company Jotun the possibility of renting rather than buying Hullskater robots to clean the hulls of their vehicles. ships. This service is offered under the Jotun Hull Skating Solutions brand.
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