Copenhagen-headquartered offshore wind installation player Cadeler has secured €675m ($770m) in financing for two newbuilds from a syndicate of international banks.
The loans cover the financing of two A-Class wind foundation installation jackup vessels under construction in China and include both pre-delivery and post-delivery financing, as well as mission equipment financing elements.
Ancillary lines have also been put in place to support possible project-related letters of credit for the units.
The vessels are similar to Cadeler’s P-Class vessels but have several unique features that enable the handling of next-generation wind turbine foundations.
Cadeler has three A-Class vessels being built in China by COSCO. The Wind Ally vessel is expected to be delivered in the second half of 2025, while the second, Wind Ace, will be delivered by the second half of 2026. The third, Wind Apex, is scheduled for delivery in the first half of 2027. It was not revealed which vessels the loans were for.
The facilities are backed by China Export and Credit Insurance Corporation (Sinosure) and Eksportfinansiering Norge (Eksfin) and will strengthen Cadeler’s capacity to meet the increasing global demand for large-scale renewable energy solutions.
