Cadeler gets €520 million financing for two WTIVs
Marine engineering firm Cadeler has shown its confidence in the offshore wind sector with two financing deals arranged for it by law firm Norton Rose Fulbright.
Two ‘Green Loan Facilities’ totalling €520 million have been arranged with a syndicate of banks including Société Générale, Crédit Agricole CIB, CIC New York and Korea Development Bank.
It should go a little way to staunching the global shortage of such vessels in a burgeoning industry that almost daily sees announcements of new planned offshore wind farms, bringing the Cadeler fleet up to 12.
Globally there are more than 130 vessels
Backed by the Export Credit Agency, Export Finance Norway (Eksfin) and the Export and Investment Fund of Denmark, a direct loan has also been granted by Korea Eximbank.
This is the third round of green financing that the law firm has advised Cadeler on in the past year.
“The continued growth of green and sustainability-linked loans for offshore projects of this scale supported by a diverse range of export credit agencies is a positive trend for international energy transition ambitions and we were delighted to advise our clients on this signification transaction,” said Yianni Cheilas, Norton Rose Fulbright co-head of Asset Finance.
