COFIDES boosts European offshore wind power with a loan to GRI Renewable Industries

 

COFIDES has announced its participation in a €140 million syndicated loan to finance the project Baltic TowersThis initiative, a joint venture between the Polish Przemysłu Fire Protection Agency SA. and the Spanish one GRI Renewable Industries, seeks to build a state-of-the-art offshore wind tower manufacturing facility in Gdańsk, Poland, in addition to covering initial working capital needs.

 

COFIDES' contribution amounts to €38,5 million, from the Overseas Investment Fund. This operation, structured as project finance by the Polish bank PEKAO Investment Bank, represents a crucial investment that strengthens industrial autonomy and accelerates the energy transition of the European UnionIts focus on developing strategic supply chains in the offshore wind sector underscores its importance.

 

 

Since its creation in 2008, GRI Renewable Industries has established itself as a key player in the manufacture of towers and flanges for the wind energy sector.

 

 

The Baltic Towers project is a collaboration between GRI Renewable Industries, a leading manufacturer of wind towers, and Industrial Development Agency, the Polish state industrial development institution. The new plant will be dedicated to the production of tower sections for next-generation offshore wind turbines, with a capacity exceeding 15 MW, which will significantly contribute to the decarbonization of the European energy mix.

 

Miguel Ángel LaderoThe corporate director of Investments at COFIDES stated that "this operation reflects COFIDES' commitment to the sustainable energy transition and European industrial development." He added that, with COFIDES' participation in this project, in addition to "supporting a Spanish company with a strong international presence, we are contributing to the development of industrial autonomy and leadership."

 

For its part, Javier Urios, CFO of the GRI groupHe highlighted that "securing non-recourse project financing, with the participation of both Polish public entities and private Spanish and Japanese entities, is a milestone in the industry." Urios emphasized the complexity of the transaction, which "required the dedication and effort of excellent professionals over a long period of time. Without them and the support of these financial institutions, this would have been impossible. We would like to express our sincere gratitude once again to COFIDES for their support of our project." Capabilities".

 

GRI Renewable Industries: A Giant in Wind Energy

 

Since its creation in 2008, GRI Renewable Industries has established itself as a key player in the manufacturing of towers and flanges for the wind energy sector. With 23 manufacturing plants distributed across Spain, Poland, USA, Brazil, Argentina, China, Türkiye, India and South AfricaThe company is a global supplier of high-quality components for the wind energy industry. In 2024, GRI closed the fiscal year with sales exceeding €1.000 billion and a workforce of more than 5.500 employees.