Denmark-based Cadeler has secured financing from HSBC to help fund the construction of its newbuilds and upgrade the existing vessels.
The BW Group-backed offshore wind contractor has struck a deal for a five-year €50m ($54.2m)unsecured green loan, which comes with a non-committed accordion option of up to €50m.
The Cadeler fleet consists of two operational wind turbine installation vessels (WTIVs), two of the so-called X-class WTIVs under construction and a pair of wind foundation installation newbuilds scheduled for delivery between 2024 and 2026.
The funding will, among other things, be directed towards these newbuild projects and to boost the existing O-class vessels with new improved cranes capable of handling the next generation of turbines by the beginning of 2024.
In June, the company sealed a merger deal with Emanuele Lauro-led counterpart Eneti. The deal will see Cadeler and Eneti shareholders own 60% and 40% respectively of the combined company. After the merger, the combined group will be named Cadeler, be headquartered in Copenhagen and have a combined fleet of 10 modern offshore wind construction units.
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“With Cadeler’s strategic position in the market, we are well placed to meet the increasing global demands and to execute the largest and most complex offshore wind installation projects,” remarked Mikkel Gleerup, CEO of Cadeler.