Finnvera guarantees Wärtsilä's deliveries to Ghana

Signing date of the Finnvera Guarantee Agreement: 4 October 2024 
Name of the Guarantee Holder: Bayerische Landesbank, Germany 
Name of the Exporter: Wärtsilä Finland Oy, Finland 
Name of the Lender: Bayerische Landesbank, Germany 
Name of the Buyers: Aksa Enerji Üretim A.Ş., Türkiye Aksa Energy Company Ghana Ltd., Ghana 
Name of the Borrower: Aksa Enerji Üretim A.Ş., Türkiye 
Name of the Guarantor: Kazancı Holding A.Ş., Türkiye 
Project/Export transaction/Goods: Conversion of six W18V46 engines from heavy fuel oil operation to W18V50DF with multi fuel operation, including spare parts and services 
Country of Export transaction/project: Ghana 
Total amount of debt financing: EUR 27.3 million 
Credit amount MEUR/MUSD: EUR 27.3 million 
Credit period: 10 years 
Percentage of cover: 95% 
ES risk classification: B (Finnvera’s ES risk classification) 
ES contact point: [email protected] 
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 most significant risks of the project are related to greenhouse gas emissions from the use of fossil fuels and their climate impacts. The project falls under the exceptions of Finnvera’s oil and gas policy because it replaces higher-emission energy production in the energy network. 
Date of publication: 8 October 2024