• The factoring operations are classed into green based on a sustainable BBVA framework

BBVA, a multinational financial service firm based in Spain, has confirmed three of the non-recourse factoring operations from Nordex as green. Finalized in 2019, €265 million worth operations shall be deducting invoices from supplies for wind turbines that will be provided by the German firm to wind farms builder.

Apparently, the bank tends to finance the supplier directly with the help of factoring, which is a short-term option for the financing of working capital that consists of early payment of the entire amount owed. This financing of the bank majorly helps improve its commercial offer. Therefore, the bank enables deferred payment until the builder disburses the entire funds and wind farms begin to operate.

Reportedly, in total 105 turbines had been installed that have a capacity to generate about 379.5 MW of energy.

According to reliable sources, the factoring operations have been classed into green basing on sustainable transaction banking framework of BBVA. These operations are called green on account of the funds that are supposed to be utilized for the wind energy projects construction. They also happen to comply with number seven and thirteen of the Sustainable development Goal (SDG) that promote affordable as well as clean energy and climate action respectively.

For the record, Nordex Group, founded in 1985, has a track record of having launched products that are industry-leading and have begun pioneering in mass production of a turbine of 1 MW.

The group has been primarily focused upon manufacturing, onshore wind turbines servicing, development and project management with the help of more than 6,000 employees across the world.

It provides highly competitive and efficient technology as its turbines enable the generation of affordable energy in all the climatic and geographic conditions. The products of the group having a complete portfolio provide solutions for markets and regions in a limited capacity.

Source Credit- https://www.evwind.es/2020/02/19/bbva-and-nordex-sign-three-wind-energy-factoring-operations/73638