Cadeler Secures $192,3M Loan to Fund New Offshore Wind Vessels

July 1, 2022

File image: Cadeler

Offshore wind installation contractor Cadeler has entered into a Senior Secured Green Revolving Credit Facility (“RCF”) of a 3-year term loan of EUR 185 million (around $192,3 million).

Together with the company’s cash and cash equivalents, the RCF facility will be used to finance Cadeler’s newbuild offshore wind turbine and foundation installation vessels, and acquisitions as well as for general corporate purposes.

“The RCF is secured by customary securities (inter alia) first priority ship mortgages on the company’s vessels, first priority assignments of insurances of the vessels and first priority assignments of earnings in relation to each vessel. The RCF contains customary financial and general covenants,” Cadeler said.

Cadeler in May ordered a $345 million F-class hybrid offshore wind foundation and wind turbine installation vessel from China’s COSCO Heavy Industries.

The F-Class will be able to transport up to six XL monopiles (weight 2,300-2,600mt each), alternatively to transport and install five sets of 20MW+
turbines per round-trip. The new F-Class is expected to be delivered in Q4/2025.

Also, the company last year ordered two X-class wind turbine installation vessels from COSCO.

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