Finnvera guarantees Wärtsilä’s deliveries to Uzbekistan

Signing date of the Finnvera Guarantee Agreement: 4 March, 2024
Guarantee Holder: Bayerische Landesbank, Germany
Exporter: Wärtsilä Finland Oy, Finland
Lender: Bayerische Landesbank, Germany
Buyers: Aksa Enerji Üretim A.Ş., Türkiye, Aksa Enerji Tashkent FE LLC, Uzbekistan, Aksa Enerji Bukhara FE LLC, Uzbekistan                  
Borrower: Aksa EnerjiÜretim A.Ş., Türkiye
Guarantor: Kazancı Holding A.Ş., Türkiye
Export transaction/Goods: spare parts and upgrade equipment, including software updates for modernising and improving efficiency of existing Wärtsilä manufactured generating sets in two power plants
Country of Export transaction/project: Uzbekistan
Credit amount: EUR 46.9 million
Credit period: 10 years
Percentage of cover: 95%

Environmental and social impact information:             

 Finnvera’s Environmental and Social (ES) Risk Classification categorizes the transaction as a Risk Category B project. Additionally, according to the OECD Common Approaches, this transaction falls under the classification of an “Existing Operation”. The primary risks identified include greenhouse gas emissions, air quality impacts, and noise. The Finnvera Oil & Gas policy does not apply to the project because the export credit application was submitted before the policy came into effect (on January 1, 2023).