Cadeler has secured funding to the tune of €425 million ($469.4 million) that will in part cover the construction of two jack-up offshore wind installation vessels. Cadeler said the two vessels, Wind Peak and Wind Pace will be delivered in the third quarter of 2024 and the second quarter of 2025. 

The financing has been agreed 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.

The Facility is 90 per cent 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. The green financing is 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.

Mikkel Gleerup, CEO of Cadeler said, “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. We are now the global leader in jack-up offshore wind installation with a strong strategic position in the market.”

Jan Ole Huseby, Global Head of Ocean Industries at DNB said, “The Facility is a true milestone and once again showcases DNB’s ability to arrange tailored solutions for our clients. We are pleased to contribute as Bookrunner, Co-ordinator, Facility Agent, Green Advisor and ECA Agent on this important financing for Cadeler.”

It is worth reminding that Cadeler has recently also completed its combination with Eneti with the listing on the New York Stock Exchange, creating an offshore wind installation giant. The joint entity will be named Cadeler with headquarters in Copenhagen, Denmark, and other offices in the UK, US, Taiwan and Japan.