H2 Green Steel secures debt financing from European banks

H2 Green Steel has received support from leading European financial institutions for its €3.5bn debt financing which will help finance the construction of its hydrogen-powered green steel plant in Northern Sweden.

H2 Green Steel has executed conditional commitment letters for €3.3bn in senior debt with AB Svensk Exportkredit (SEK) and the commercial banks BNP Paribas, ING, UniCredit, Societe Generale and KfW IPEX-Bank.

The European Investment Bank has received board approval for €750 million of senior debt funding for the H2 Green Steel project.

Leading export credit agencies, including Euler Hermes, have issued letters of intent to provide export credit-linked guarantees of €1.5bn of H2 Green Steel’s intended senior debt, while the Swedish National Debt Office has issued a letter of intent to provide a green credit guarantee of €1bn of H2 Green Steel’s senior debt.

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