Cadeler secures EUR 247m EIFO-backed green loan for Wind Apex
Cadeler has signed a EUR 247 million EIFO-backed senior secured green term loan facility to finance the construction of its Wind Apex vessel, expected in Q2 2027. The 12-year facility involves a syndicate including HSBC and KfW IPEX-Bank.
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Cadeler has signed an EIFO-backed senior secured green term loan facility of EUR 247 million to finance in part the construction of its third A-class newbuild offshore wind installation vessel, Wind Apex, with delivery expected in Q2 2027. This financing strengthens the company's capacity to deliver offshore wind installation projects globally.
The 12-year facility is supported by the Export and Investment Fund of Denmark (EIFO) and has been designated as green financing under Cadeler's Green Finance Framework. The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch acted as Coordinator, Mandated Lead Arranger, Facility Agent, Security Agent and EIFO Agent.
The lending syndicate comprises HSBC, KfW IPEX-Bank, Coöperatieve Rabobank U.A. and DNB Bank ASA. Mikkel Gleerup, CEO of Cadeler, stated that the backing reflects continued confidence in the company and its ability to deliver the offshore wind installation capacity customers need.
Peter Boeskov, COO at EIFO Large Corporates, commented that strengthening Danish companies and supply chains in the energy transition is a strategic priority for EIFO. He noted that Cadeler exemplifies how quickly Danish expertise can scale globally, now operating the world’s largest installation fleet for offshore wind.
Key Financing Details
| Feature | Details |
|---|---|
| Facility Amount | EUR 247 million |
| Tenor | 12 years |
| Support | Export and Investment Fund of Denmark (EIFO) |
| Designation | Green financing under Cadeler's Green Finance Framework |
| Coordinator | The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch |
| Lending Syndicate | HSBC, KfW IPEX-Bank, Coöperatieve Rabobank U.A., DNB Bank ASA |
How will the addition of Wind Apex in 2027 impact Cadeler's competitive positioning in the global offshore wind installation market?
What specific green projects or milestones must be met to maintain the financing's status under Cadeler's Green Finance Framework?
Will this successful EIFO-backed financing structure encourage similar debt arrangements for other Danish offshore wind supply chain companies?
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