Cadeler has signed a €247 million ($282 million) senior secured “green” term loan facility to partially finance the construction of its newbuild wind turbine installation vessel, Wind Apex.
The company reported that the vessel is expected to be delivered in the second quarter of 2027.
The 12-year facility is supported by the Export and Investment Fund of Denmark, known as EIFO. The Singapore branch of The Hongkong and Shanghai Banking Corporation acted as coordinator, mandated lead arranger, facility agent, security agent, and EIFO agent.
The lending syndicate for the transaction comprises HSBC, KfW IPEX-Bank, Coöperatieve Rabobank, and DNB Bank. According to Chief Executive Officer Mikkel Gleerup, the backing from the partners reflects "continued confidence in Cadeler" and its ability to deliver offshore wind installation capacity.
The vessel, the third of a new series for Cadeler, is being built by COSCO Shipping Qidong Offshore in China, and will feature a deck space of 5,600 square metres with a payload capacity exceeding 17,000 tonnes.
The firm stated that the vessel will be capable of transporting and installing seven complete 15-megawatt turbine sets or six sets of XXL monopile foundations.
