French multinational electric utility company ENGIE SA has secured a €1.033bn export financing facility backed by Euler Hermes on behalf of the Federal Republic of Germany, becoming the first energy company to benefit from the newly established Shopping Line framework.

The facility is supported by a programme launched on 23 January 2025 by the German Federal Ministry for Economic Affairs and Energy.¹ The updated Shopping Line cover is intended to “create new incentives for importers abroad to expand their supplier base in Germany” and is offered “worldwide to importers with a very good credit rating”, thus creating “an attractive competitive environment for German companies”.²

The signing took place on 26 May 2026 at the ENGIE headquarters in La Garenne-Colombes, an event that brought together representatives from Euler Hermes, lending banks, industrial partners, as well as representatives from German institutional and economic organisations.

In the accompanying press release, Edna Schöne, CEO of Euler Hermes, comments: “This transaction marks an important milestone for us. It is particularly significant due to its direct impact on German exporters: by establishing a flexible long-term framework with ENGIE, we are enabling German industry to play an active role in Europe’s industrial transformation.”³

For more information on how export credit agencies (ECAs) are shifting their focus to a more active deal origination and the financing of critical commodities, see the flow article ‘Market update: the changing role of ECAs’.

Left to right: Kathrin Klotz (Head of Department Underwriting, Euler Hermes), Edna Schöne (CEO, Euler Hermes), Pierre-François Riolacci (Executive Vice President in charge of Finance, ESG and Procurement, ENGIE), Adrien Koenig (Head of Structured & Trade Finance, ENGIE)

The Shopping Line structure enables ENGIE to finance eligible import procurement contracts under a single pre-approved framework, simplifying transaction execution and providing access to long-term funding on a repeatable basis. ENGIE will use a share of the facility to buy renewable energy equipment from German suppliers including Siemens Energy, Nordex and Enercon. Individual transactions financed under the facility are required to meet the eligibility criteria defined by Euler Hermes.

Structured with a pool of international banks, the facility allows ENGIE to refinance multiple eligible procurement contracts under a single financing platform. Deutsche Bank acted as Mandated Lead Arranger, structuring and executing a 20% share (€207m) of the ECA-backed financing. The facility is supported by a 95% guarantee from Euler Hermes on behalf of the Federal Republic of Germany. This long-term financing features a 17-year door-to-door tenor, including a two-year availability period and a 15-year amortising repayment schedule with semi-annual instalments.

“The transaction demonstrates the potential of the programme to support large-scale procurement requirements of investment-grade corporate borrowers”Moritz Doernemann, Global Head of Structured Trade and Export Finance at Deutsche Bank

 “We are proud to support this landmark transaction under Euler Hermes cover”, comments Moritz Doernemann, Global Head of Structured Trade and Export Finance at Deutsche Bank. “The transaction demonstrates the potential of the programme to support large-scale procurement requirements of investment-grade corporate borrowers. We look forward to further expanding this innovative financing solution for our clients.”

According to Doernemann, the transaction demonstrates how ECA-backed financing can support energy companies in achieving their goals, offering not only long-term funding certainty but also greater flexibility in terms of disbursement, repayment profiles, and use of proceeds. As demand for corporate lending solutions supporting energy transition increases, investment continues to grow and innovative cover programmes such as Shopping Lines are becoming increasingly relevant.

Left to right: Arnaud Peroueme, Structured Trade and Export Finance at Deutsche Bank in Paris; Moritz Doernemann, Global Head of Structured Trade and Export Finance at Deutsche Bank

Present in 30 countries and employing more than 90,000 people worldwide, ENGIE is a €71.9bn energy group with activities spanning electricity generation and distribution, natural gas, petroleum, nuclear power and renewable energy.

ENGIE operates across the energy value chain, from production and infrastructure to sales. Its activities include renewable electricity and gas production, flexibility assets such as batteries, gas and electricity transmission and distribution networks, local energy infrastructure including heating and cooling networks, and energy supply to individuals, local authorities and businesses.

“We are proud to support ENGIE in diversifying its funding sources through this innovative export financing solution, which also strengthens our strategic European supply chain”Isaure de Vaumas, Head of Global Corporate Coverage for France and Benelux at Deutsche Bank

With its 2021 strategic plan, ENGIE set out the priorities to be given to investments supporting the energy transition. “We aim to become a leader in the energy transition, relying on a balanced energy mix in which gas and electricity complement each other to ensure a reliable and affordable energy transition,” states the company.⁴

According to ENGIE, it invests on average €12bn per year to achieve its net-zero carbon goal by 2045. As part of its growth strategy, the company aims to reach 95 GW of installed capacity in renewables and storage by 2030, supported by a €21–24bn growth investment programme over the 2025–2027 period.⁵

Figure 1: From global renewables and storage pipeline to meeting the 95 GW actual installed capacity 2030 target
Source: ENGIE

This Euler Hermes export financing contributes to strengthening this ambition by diversifying the group’s funding sources. It also provides ENGIE with a secured and flexible framework to source German technology, while contributing to Europe’s energy resilience.

“We are delighted by Euler Hermes’ confidence in structuring this innovative financing solution, which reflects the strength of our relationships with our German partners,” concludes Pierre-François Riolacci, ENGIE’s Executive Vice President in charge of Finance, ESG and Procurement. “We share a common ambition to reinforce European value chains and to help accelerate the electrification of uses, [which is] fully aligned with our goal of becoming the best energy transition utility.”⁶

“We are proud to support ENGIE in diversifying its funding sources through this innovative export financing solution, which also strengthens our strategic European supply chain,” adds Isaure de Vaumas, Head of Global Corporate Coverage for France and Benelux at Deutsche Bank.

Sources

¹ See Habeck: „Wir stärken die deutsche Exportwirtschaft“ | BMWE (in German language) at bundeswirtschaftsministerium.de
² See The new package of measures at exportkreditgarantien.de
³ See ENGIE obtient un financement export d’un milliard d’euros couvert par Euler Hermes at webdisclosure.com
⁴ See Re-positioning ENGIE for long-term sustainable growth Accelerating in Renewables, committing to Net Zero Carbon by 2045 at engie.com
⁵ See Update of ENGIE climate strategy at engie.com
⁶ See ENGIE obtient un financement export d’un milliard d’euros couvert par Euler Hermes at webdisclosure.com