Financing Strategy

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.

Funding goal and principles

Our overall funding goal is to secure adequate and sufficient supply of capital and to minimise, within stipulated internal directives and adopted risk limits, long-term funding costs.

Our business operations are capital intensive with major seasonal fluctuations. This makes it necessary to have both short- and long-term funding available to secure our financial flexibility needs.

Risk management - liquidity risks

Managing financial risks are an inherent part of our operating activities through its international operations. We are exposed to a number of financial risks, why the monitoring and control of financial risks is important for Vestas.

Additional information see the Annual Report note Capital structure and financing items.

Treasury and financing policy

Our Treasury Policy sets the limits for the various financial risks as well as our policy of only hedging commercial exposures and not entering into any speculative transactions. We manage our liquidity risks according to the Treasury Policy and ensures to have sufficient financial resources to service its financial obligations. Financial resources are managed through a combination of cash on bank account and money market deposits, committed credit facilities, and highly rated marketable securities. The liquidity is managed and optimised centrally by using cash pools and in-house bank solutions.

Sustainability-Linked Finance

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.



Euro Medium Term Note (EMTN) Programme

Vestas has established a Euro Medium Term Note (EMTN) programme. The EMTN programme provides a framework for issuances of senior unsecured notes up to an aggregated principal amount of EUR 3 billion.

The prospectus, which has been prepared by Vestas in connection with the establishment of the EMTN programme, has been approved by Euronext Dublin and the Central Bank of Ireland.

Euro Medium Term Note Programme

IssuerVestas Wind Systems A/S or Vestas Wind Systems Finance B.V.
GuarantorVestas Wind Systems A/S
Programme sizeEUR 3,000,000,000
DealersCiti, DNB, SEB, Société Générale and UniCredit
ListingEuronext Dublin
Programme ratingBaa2 (Moody’s)


Outstanding Bonds

2026 Bond

IssuerVestas Wind Systems A/S
AmountEUR 500m
Issue date15 March 2023
Maturity date15 June 2026
ISIN codeXS2597973812
Final TermsLink


2029 Bond

IssuerVestas Wind Systems Finance B.V.
AmountEUR 500m
Issue date15 March 2022
Maturity date15 June 2029
ISIN codeXS2449928543
Final TermsLink


2034 Bond

IssuerVestas Wind Systems Finance B.V.
AmountEUR 500m
Issue date15 March 2022
Maturity date15 June 2034
ISIN codeXS2449929517
Final TermsLink


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.

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 ratingOutlookLatest rating actionRating analyst
Moody’sBaa2Stable16 February 2023
Rating downgraded to Baa2 (from Baa1)
Outlook changed to stable (from negative)
Oliver Giani
+49 69 70730 722