Green finance for Cadeler offshore wind newbuilds
Cadeler has signed a Chinese-backed green term loan facility of up to €425m to part fund its two newbuild offshore windfarm installation vessels.
The facility is 90% insured by China Export & Credit Insurance Corporation (Sinosure) and will be made available in two loans when the newbuilds are delivered from COSCO Shipping (Qidong) Offshore Co. Ltd.
“The strong group of Nordic and Global banks securing a green loan facility for our P-class new build vessels once again underlines the trust in Cadeler’s vision and capability to accelerate the renewable transition,” said Mikkel Gleerup, CEO of Cadeler.
Strategic plan
Gleerup added that the new two newbuild vessels will further position Cadeler as a global leader in jack-up offshore wind installation with a strong strategic position in the market.
Wind Peak and Wind Pace will be 162m long vessels weighing in at 17,600t, with a main crane hoist of 2,600 @ 46m.
The finance facility was signed with a group of banks led by DNB and supported by Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW-IPEX, Oversea-Chinese Banking Corporation (OCBC), Sparebank 1 SR-Bank, Standard Chartered Bank and Societe Generale.
It’s supported by the previously announced updated Green Finance Framework and a Second Party Opinion issued by S&P Global re-confirming a Medium Green Rating.
Final documentation of the financing has been signed, leaving closing of the facilities only subject to fulfilment of customary conditions precedent.
Cadeler’s newbuilds are due to be delivered in Q3 2024 and Q2 2025.
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