Cases: Maritime

Eksfin Finances Cadeler Offshore Wind Installation Vessels (WTIV)

Eksfin is participating in the post delivery, long-term financing of two Wind Turbine Installation Vessels (WTIV) for the Danish offshore wind company Cadeler, a leading provider of installation and maintenance vessels worldwide.

Client: Cadeler ASA

Need: Financing of purchases of Norwegian goods and services

Product at Eksfin: Long term Buyer Financing

The financing enables: Sale of norwegian goods from, among others, Kongsberg Maritime who will integrate their technology in the vessels.

Green financing

The vessels are designed to install next generation turbines in water depths of up to 65 meters and are adapted to operate on alternative fuels.

The financing syndicate led by Societe Generale – lead arranger / agent, has strong ECA support through Eksfin, Korean KEXIM, and Danish EIFO and commercial support from Societe General, Credit Agricole CIB, KfW IPEX-Bank, Credit Industriel et Commercial (CIC) and The Korean Development Bank.

The new loan facilities secure a total amount of up to EUR 420 million (approximately USD 456 million). Eksfin’s participation is based on Norwegian deliveries from exporters amongst others Kongsberg Maritime, in a so-called “parts-of-ship” financing.

The vessels, Wind Maker and Wind Mover, are under construction in South Korea at Hanwa Ocean Co. Ltd. and are scheduled for delivery in 2025.