Cadeler Receives Loan to Fund Jack-Up Upgrades and Construction

November 15, 2023, by Adnan Memija

Denmark-based Cadeler has entered into an unsecured green term loan facility with The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC).

The purpose of the loan facility is, among others, to fund Cadeler’s construction of the X-class and F-class newbuild vessels and upgrade of the existing O-class vessels with new cranes, namely Wind Orca and Wind Osprey.

The financing includes a non-committed accordion option of up to EUR 50 million (tenor of up to five years).

COSCO Shipping Heavy Industry is responsible for the construction of the X-class as well as F-class newbuild vessels.

The first X-class vessel is planned to be ready for service in 2024 while the second one is scheduled to be delivered a year later.

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When it comes to the F-class vessels, they will feature a hybrid design allowing the vessel to convert from being a foundation installation unit to a wind turbine generator installation vessel within a short time.

Both the X- and F-class vessels will be able to transport and install seven complete 15 MW turbine sets per load or six sets of 2XL monopile foundations, cutting down the number of transits needed for each project. In line with the X-class vessels, the F-class will cater to some of the largest dimensions in the offshore wind industry.