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SEFE noted in a statement on Wendesday that the repayment is based on obligations arising from the European Commission’s state aid decision in December 2022, which approved the stabilization and recapitalization of the company.
The 6.3 billion euro ($7.3 billion) recapitalization was subject to clear conditions, including the requirement to repay funds once SEFE’s financial performance allows.
SEFE said the state aid measures became necessary following the abrupt loss of Russian gas supplies, which required procuring large volumes of gas at significantly higher prices within a short period.
With the support of the German federal government, SEFE was able to continue meeting its contractual obligations and ensure energy security for industrial customers and municipal utilities, the company noted.
“The past three years demonstrate that SEFE’s business model enables reliable and substantial repayments to the German Federal Government, even under difficult conditions,” Egbert Laege, CEO of SEFE, said.
“The fact that the total has now reached almost one billion euros highlights not only the success of the initial stabilization, but above all the company’s sustainable earnings strength and rigorous financial discipline. This provides a solid and credible foundation for the next phase of SEFE’s development, including a successful privatization,” he said.
Last month, SEFE announced that it signed a five-year revolving credit facility worth two billion euros ($2.36 billion), replacing state-backed liquidity support.
In addition, SEFE recently launched a tender for medium-term LNG deliveries covering the period 2027 to 2036.
According to SEFE, the tender is for DES (delivered ex-ship) LNG cargoes, primarily into north-west European terminals.
Contract durations will range from one to ten years.
