Credendo backs Vyncke in Spanish decarbonisation project

Credendo recently provided cover for a EUR 11.6 million contract, which Vyncke, a Belgian manufacturer of steam boilers and combustion components for power plants, concluded with Tableros Hispanos S.L.U., a Spanish wooden panels producer. The contract includes the design, delivery, supervision of erection and commissioning of a 24.9 MWth energy plant to be constructed at the Tableros plant in Galicia.

The Vyncke contract is part of a larger decarbonisation project for a total amount of EUR 19.4 million. The goal of the project is to reduce the factory’s electricity and natural gas consumption, eventually removing fossil fuels from the site completely. These environmental measures make the project eligible for a EUR 8.0 million subsidy from the Spanish government.

The transaction is financed via a buyer credit offered by Spanish bank Bankinter, with a tenor of seven years. In addition to the non-payment cover under the loan, Vyncke benefits from a Credendo cover for the non-payment and cancellation risk on a commercial contract level as well.

The project qualifies for the Credendo Green Package, which offers a series of incentives aiming to support the projects and companies that have a positive impact on the environment and society. Thanks to this package, the transaction benefits from an increased cover percentage of 98%, showing Credendo’s strong commitment to supporting the sustainable transition.