News | 10 November 2025
BBVA and Sinosure close pioneering renminbi transaction to boost offshore wind energy in Asia
BBVA, together with Sinosure, has formalised a RMB 2.2 billion financing facility for an offshore wind project in South Korea. This pioneering transaction is aligned with BBVA’s sustainability strategy in Asia and underscores the bank’s commitment to supporting companies in their transition towards a low-carbon economy.
BBVA and China Export & Credit Insurance Corporation (Sinosure) have signed a financing agreement in Beijing totalling RMB 2.2 billion to support the 364.8 MW Nakwol offshore wind project in South Korea. The transaction marks a significant milestone for BBVA in China, as the largest deal closed by the bank since it established its local subsidiary, and further reinforces its commitment to sustainable development and multilateral cooperation across Asia.
The agreement, structured as a receivables purchase facility, is backed by the newly rolled out refinancing insurance policy from Sinosure, enabling BBVA to finance project-related receivables. This innovative structure, BBVA’s first onshore renminbi factoring transaction, underscores the bank’s strategic commitment to the internationalisation of the renminbi and its long-term growth ambitions in the Chinese market.
The financing will support the development of a 364.8 MW offshore wind farm that will supply clean and affordable energy to more than 250,000 local households year-round, contributing to decarbonisation efforts and the development of sustainable infrastructure in the region.
Pep Ferrís Monera, Head of BBVA CIB Asia, emphasised the strategic relevance of the deal: “This transaction represents not only the largest financing closed by BBVA in China, but also a clear symbol of our commitment to sustainable growth and to developing innovative financial structures that support our clients in their international expansion. With the support of Sinosure, we reaffirm our dedication to decarbonisation, the internationalisation of the renminbi, and the consolidation of long-term partnerships with strategic players in Asia.”
For his part, Xu Xinwei, Vice President of Sinosure, highlighted the institution’s role in supporting Chinese companies in their global expansion, and noted that this transaction “marks a new milestone in China, Spain cooperation, combining Chinese technology, Spanish financing, and Thai investment, an example of international collaboration in service of the global energy transition.”
Through this transaction, BBVA strengthens its position as a key financial partner for enterprises driving the energy transition in Asia, a region that is central to the global sustainable development agenda. The bank continues to expand its presence and capabilities across the continent, leveraging its international expertise, its commitment to sustainable finance, and its ability to deliver tailored solutions that go beyond traditional banking.