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Full blast

In six years, Haizea Wind Group has risen from tiny start-up to a major force in the sector – however it remains ambitious for further international growth.


Haizea Wind Group is a leading business in the fast-growing global wind sector. It focuses on the design, manufacture, and assembly of large metal structures for wind turbines.

Besides producing onshore and offshore wind towers and offshore foundations, the group is also a global leader in the casting and machining of hubs, frames, and shafts for wind turbines.

Employing more than 1,100 people, Haizea has extensive facilities in Spain (Bilbao, Agurain, Itziar and Aranda de Duero), Argentina (Santa Fe) and France (Brest). It nurtures ambitious plans for further international expansion over the next few years.

The challenge

Haizea Wind Group was born in 2017 as a small onshore tower manufacturer with a handful of employees. From the outset, however, the founders intended to build the company into a major player in the sector.

Expansion at pace in a competitive industry was challenging. Haizea needed to gain specialist capabilities. “Due to quick expansion, we needed a large amount of equity to fund our acquisitions and diversify our portfolio,” explains Alvaro Quintana Pradera, the group’s finance director.

Equipping the business to handle the industry’s future requirements was also challenging. The latest offshore turbines, each with potential capacity of 20MW, require steel foundations (monopiles) that are 130 metres long and weigh up to 3,500 tonnes, posing huge logistical demands for manufacturers. “On the financing side, one of the main challenges is to have enough working capital and guarantee facilities in place to deliver these requirements,” says Alvaro.

HSBC's commitment to being a global leader in sustainable financing also works hand-in-hand with our own sustainable strategy. As we grow, we expect to benefit from further forms of financing, such as a sustainability-linked bond, and a future IPO strategy,

The solution

Haizea has been supported by HSBC since 2018. The bank initially supported Haizea’s Argentinian subsidiary with transactional banking solutions and local financing. “This enabled us to begin to expand our business,” says Alvaro.

Haizea quickly realised the potential of a long-term collaboration: “We needed a banking partner that was familiar with our business plan and model, had a strong global network and was able to navigate the demands of a growing company. HSBC was able to provide this support, as well as a centralised banking experience with one team and one local contact.”

Within two years, Haizea acquired Spanish-based Grupo WEC and TecnoAranda, bringing critical manufacturing expertise. A €30m factoring facility with HSBC has supported Grupo WEC’s casting production since 2022. Expansion into the French market led to the launch of a new manufacturing site at the Port of Brest in 2021.

The group’s most significant leap forward to date is a project for vast expansion of its Bilbao capabilities. When complete in late 2023, the 200,000 sq m site will be the world’s only facility capable of producing both offshore towers and monopiles, strengthening Bilbao’s position as one of southern Europe’s most important offshore wind hubs.

HSBC’s support for this transformation includes a €10m loan facility and syndicated guarantee line with export credit agency Finnvera, enabling Haizea to purchase critical machinery for the new development.

The expansion will enable Haizea to fulfil major new contracts for renewable energy giants Ørsted and Iberdrola, adding to a Bilbao order book now valued at over €1.5 billion. “Our clients are big utilities who have strict criteria for the issuer of guarantee facilities. They seek investment-grade ratings and capabilities to issue under, for example, English law or Danish law,” says Alvaro. “HSBC’s support is essential to enable us to execute this business.”

The benefits

While continuing to expand in Europe, Haizea sees the US market as its next international target as part of its rapid growth plans. It is in the initial stages of negotiating a new development in Baltimore that would mirror the expansive Bilbao facility.

Alvaro does not underestimate the scale of the effort required to enter this new market: “We would need to develop the whole supply chain, including the steel industry, so many of our suppliers would need to move to the US also.” But he is in no doubt that the group can succeed – and that the support of HSBC will continue to be critical.

“HSBC is the best financial partner for companies looking to grow internationally. Through their transactional products, trade financing and guarantees, and long-term financing, they have supported us in leading our transformation from a small business into a leading global supplier.

“HSBC’s commitment to being a global leader in sustainable financing also works hand-in-hand with our own sustainable strategy. As we grow, we expect to benefit from further forms of financing, such as a sustainability-linked bond, and a future IPO strategy,” he says.

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