COFIDES has participated in a €140 million syndicated loan to finance the Baltic Towers project—a joint venture between Agencja Rozwoju Przemysłu S.A. and GRI Renewable Industries—aimed at building a state-of-the-art offshore wind tower manufacturing facility in Gdańsk, Poland, as well as covering the company’s initial working capital needs.
COFIDES’ contribution, amounting to €38.5 million from the Fund for Foreign Investment (FIEX), forms part of a project finance operation structured by Polish bank PEKAO Investment Bank. This is a landmark investment that strengthens the European Union’s industrial autonomy and energy transition by promoting the development of strategic supply chains in the offshore wind sector.
The project is led by GRI Renewable Industries, a group specialized in the manufacturing of wind towers, in partnership with Agencja Rozwoju Przemysłu, Poland’s state-owned industrial development agency. The new factory will produce sections for next-generation offshore wind turbine towers with capacities over 15 MW, helping to advance the decarbonization of Europe’s energy mix.
“This transaction reflects COFIDES’ commitment to sustainable energy transformation and European industrial development,” said Miguel Ángel Ladero, Chief Investment Officer at COFIDES. “With our participation in this project, we are not only supporting a Spanish company with a strong international presence but also contributing to industrial autonomy and technological leadership in clean energy, which are key to Europe’s energy transition.”
Javier Urios, CFO of GRI Group, stated: “It is a milestone in the industry to have secured non-recourse project financing involving both public Polish entities and private Spanish and Japanese institutions. The complexity of the transaction required dedication and effort from outstanding professionals over an extended period of time. Without them and without the support of these financial institutions, this would not have been possible. We want to especially thank COFIDES once again for their support of our international expansion.”
Since 2008, GRI Renewable Industries (www.gri.com.es) has focused on manufacturing towers and flanges for the wind energy sector. The company currently operates 23 manufacturing plants in Spain, Poland, the U.S., Brazil, Argentina, China, Turkey, India, and South Africa, supplying high-quality wind towers and flanges to the global wind energy industry. In 2024, the company posted revenues of over €1 billion and employed more than 5,500 professionals.
COFIDES is a state-owned company that manages public financial instruments, along with its own resources and those of third-party institutions, with various objectives: supporting the internationalization of the Spanish economy, attracting foreign investment to strategic sectors in Spain, promoting impact economy initiatives within Spain, and contributing to development in the countries where it invests. In addition to the Spanish State as majority shareholder, COFIDES’ shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America and the Caribbean.
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