Danish Offshore and Heavylift shipowner Cadeler has secured a loan of almost a quarter of a billion euros to finance the construction of a new vessel. Germany’s KfW IPEX-Bank is also on board.
Crucial support is coming from the Danish export and investment fund EIFO, as has now been announced. According to the announcement, Cadeler has “signed a €247 million senior secured green loan facility backed by EIFO”. The funds are to be used to partially finance the construction of a third A-class offshore wind installation vessel, namely the “Wind Apex”. Its delivery is expected in the second quarter of 2027.
The facility has a term of twelve years and has been designated as green financing under Cadeler’s Green Finance Framework. The lending syndicate comprises HSBC, KfW IPEX-Bank, Coöperatieve Rabobank and DNB Bank.
The shipping company, formerly part of the Swire Group– now based in Denmark following an initial public offering and on a growth trajectory for years thanks to an extensive new-build programme and, not least, its merger with Eneti – is also very well known in local wind farm projects for its large installation and service vessels.
Mikkel Gleerup, CEO of Cadeler, commented on the financing: “We are delighted to have secured this financing for ‘Wind Apex’ together with a strong group of international banking partners. We greatly value our long-standing relationship with EIFO and appreciate their continued support for Cadeler’s growth. Their support, together with that of our lending partners, reflects the ongoing confidence in Cadeler and our ability to provide the offshore wind installation capacity our customers require.”
The shipping company now operates the world’s largest installation fleet for offshore wind energy. The design of the so-calledA-Classis tailored to the increasing size and complexity of offshore wind turbines and foundations. With a deck area of 5,600 m², a payload of over 18,000 t and a main crane capable of lifting over 3,300 t to a height of 39 m, the vessels can transport and install up to six sets of XXL monopile foundations per load. The hybrid design of the A-Class vessels is intended to enable a rapid switch between the installation of foundations and the installation of wind turbines. Cadeler ordered the vessels last year. They are similar to the P-class vessels but have greater capacity to transport larger and heavier generations of wind turbine foundations.
Cadeler says its fleet expansion strategy is “right on track” and aims to operate a fleet of 12 vessels by mid-2027.
Peter Boeskov, COO at EIFO Large Corporates, described “strengthening Danish companies and supply chains in the energy transition” as a “strategic priority for EIFO”. He said Cadeler was an example of how quickly Danish expertise can scale up globally. “With this third transaction, we are reaffirming our long-term commitment to supporting Cadeler’s continued growth,” Boeskov added.
