Cadeler secures $54m green loan from HSBC

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.