Export Finance Norway (2023)

Signing Date 27 Jun 2014
Region of Headquarters: Europe
Current EPFI Reporting Year/Period: 2023
Institutional Reporting: No Report Available

 

Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the EP website.

Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.

Project Finance Advisory Services

Total number mandated in the reporting period: 0

Project Finance Transactions

Total number that reached Financial Close in the reporting period: 2

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure
Oil & Gas
Power 1 1
Others
Region
Americas
Europe, Middle East & Africa 1
Asia Pacific 1
Country Designation
Designated Country 4 1
Non Designated Country 1
Both
Independent Review
Yes 1 1
No
Totals 1 1
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment.

Project-related Refinance & Project-related Acquisition For Project Finance

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)

No. Project Name Sector Project Location(s) Year of Financial Close
1 Hai Long 2 Offshore Wind Power Co, Ltd. Hai Long 3 Offshore Wind Power Co, Ltd Power Taiwan, China 2023
2 Moray West Power United Kingdom 2023

Project-Related Corporate Loans

Total number that reached Financial Close in the reporting period: 2

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure
Oil & Gas
Power 2
Others
Region
Americas
Europe, Middle East & Africa 2
Asia Pacific
Country Designation
Designated Country 4 2
Non Designated Country
Both
Independent Review
Yes
No 2
Totals 2
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment.

Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project-related Corporate Loans (And Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans)

No. Project Name Sector Project Location(s) Year of Financial Close
1 East Anglia Three, UK Power United Kingdom 2023
2 Hornsea 3, UK Power United Kingdom 2023

Implementation of the Equator Principles

The mandate of the Equator Principles Reviewers – responsibilities and staffing

The E&S advisors hold primary responsibility for the implementation of the EP. They identify transactions which fall within the scope of the EP, categorize the projects, review the E&S documentation and draft an E&S recommendation for all projects. Eksfin has implemented a risk-based approach and all long-term transactions are categorized. As an export credit agency no distinctions are made between designated and non-designated countries.

For category A and high-risk B projects, the E&S advisor provides an E&S review based on the ESIA and an independent third-party review. In the review process discussions on E&S impacts, mitigation and management measures are carried out with the client, the E&S independent expert and/or counterparts from other financial institutions where necessary. Site visits are undertaken when deemed necessary. Eksfin currently has three E&S advisors with extensive hands-on experience in E&S impact assessments, field surveys, and due diligence, and are organized within the institution together with the commercial teams at Eksfin.

The respective roles of the Equator Principles Reviewers, business lines, and senior management in the transaction review process

  • The client executive conducts an initial project categorization to commensurate the E&S due diligence that will need to be conducted.
  • The E&S advisor drives the EP transaction review process as per Eksfin’s procedures.
  • The E&S advisor performs due diligence and validates the project categorization.
  • The E&S advisor has the responsibility to provide their opinion on the opportunity to pursue the deal (with potential E&S conditions) or not.
  • The Analysis Department evaluates and includes credit risks of E&S origin into the company credit rating, ensuring alignment with the E&S advisor.
  • The E&S advisor supported by the E&S Advisory Team issues the recommendation to be included in the Decision Document to be presented to the Eksfin Credit Committee by the client executive.
  • The Eksfin Credit Committee makes the final decision, alternatively the Eksfin Board.
  • The Legal Department drafts loan and guarantee documentation (conditions precedent and monitoring of drawdowns, covenants, representations & warranties) working together with the E&S advisor.

The incorporation of the Equator Principles in the institution´s credit and risk management policies and procedures.

Eksfin’s Policy for Credit Risk guides credit risk management in Eksfin. It states that all transactions shall meet sustainability criteria in line with IFCs Performance Standards or similar. Equator Principles are specifically mentioned in the Eksfin’s Sustainability Policy, which commits Eksfin to comply with the Equator Principles. Further, Eksfin’s Policy for Risk Management and Internal Control states that risk management shall be an integral part of Eksfin’s strategy and business processes, including management of climate risk and sustainability risks.

Eksfin’s Guidance on Due Diligence describes due diligence according to the Equator Principles. There are extensive policies which are well documented on our webpage; Eksfin.no