Funding and rating information
Here you will find relevant information for Vestas bond investors, outstanding bonds, company credit rating, and EMTN programme.
Funding strategy and principles
We finance our operations and investments through a combination of our own generated cash flow and external funding.
We are a reliable and valued partner in financial markets, and cultivating relationships with our key debt capital investors is an inherent part of our financing strategy.
Sustainability-Linked Bonds
Vestas has established a framework to enable issuance of Sustainability-Linked Bonds within Vestas’ EMTN program. The framework aligns with the Sustainability-Linked Bonds Principles 2020 (SLBP). Vestas has engaged DNV as an external reviewer to provide an independent Second Party Opinion on the Sustainability-Linked Bond Framework.
Sustainability-Linked Bond Progress Reports
The Progress Reports related to our Sustainability-Linked Bond can be found in the download list.
Related documents
- File title:
- Sustainability-Linked Bond Framework (pdf)
- Description:
DNV Second Party Opinion (pdf)
- File title:
- DNV Second Party Opinion (pdf)
- File title:
- Green Bond Prospectus
- Description:
Progress Report 2023 for Sustainability-Linked Bond
- File title:
- Progress Report 2023 for Sustainability-Linked Bond
Our EMTN Programme and Outstanding Bonds
Sustainability-Linked Revolving Credit Facility
Our main credit facility, a EUR 2,000m sustainability-linked revolving credit facility, was signed in April 2021. The facility has a five-year duration, with an option to extend the maturity with one or two additional years. It is available for general corporate purposes, including issuance of guarantees in relation to wind power projects.
Sustainability in Everything We Do
As part of our sustainability strategy to achieve “Sustainability in Everything We Do”, the facility’s interest rate margin will initially be adjusted based on sustainability-linked performance targets.
These targets measure our ability to reduce our carbon footprint and enhance workplace safety, while adding ambitious targets to improve the carbon footprint of our supply chain. Performance targets also cover ambitions around increased use of sustainable materials, and increased recyclability across the turbine value chain.
As part of Vestas’ sustainability strategy to bring Sustainability in Everything We Do, the facility’s margin will be closely linked to Vestas’ sustainability KPIs.
The following banks participate in the revolving credit facility (Mandated Lead Arranger and Bookrunner in alphabetical order):
- Banco Santander
- BNP Paribas
- Citi
- Danske Bank
- DNB
- HSBC
- JP Morgan
- Nordea
- Skandinaviska Enskilda Banken
- Société Générale
- Standard Chartered
- Unicredit
Credit rating
We have solicited a credit rating from one rating agency: Moody’s.
Moody’s assess Vestas according to two main parameters:
- Business risk analysis, comprising industry characteristics, competitive position, management, and business strategy.
- Financial risk analysis, comprising financial policy, cash flow protection, profitability, capital structure, and financial flexibility.
Current rating and outlook
| Agency | Long-term rating | Outlook | Latest rating action | Rating analyst |
|---|---|---|---|---|
| Moody’s | Baa2 | Stable | 16 February 2023 Rating downgraded to Baa2 (from Baa1) Outlook changed to stable (from negative) | Oliver Giani +49 69 70730 722 |