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Cadeler announces signing of a Sinosure-backed Green Term Loan Facility of up to EUR 425 million

Cadeler announces signing of a Sinosure-backed Green Term Loan Facility of up to EUR 425 million

Today, Cadeler announced the signing of a Sinosure-backed Senior Secured Green Term Loan Facility of up to EUR 425m (the “Facility”) with a group of banks led by DNB and supported by Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW-IPEX, Oversea-Chinese Banking Corporation (“OCBC”), Sparebank 1 SR-Bank, Standard Chartered Bank and Societe Generale. The purpose of the Facility is to part finance Cadeler’s two newbuilds, Wind Peak and Wind Pace, to be delivered in Q3 2024 and Q2 2025.

The Facility is 90% insured by China Export & Credit Insurance Corporation (“Sinosure”) and will be made available in two loans when the newbuilds are delivered from COSCO Shipping (Qidong) Offshore Co. Ltd. The green financing is supported by the previously announced updated Green Finance Framework and a Second Party Opinion issued by S&P Global re-confirming a Medium Green Rating.

Mikkel Gleerup, CEO of Cadeler said: “The strong group of Nordic and Global banks securing a green loan facility for our P-class new build vessels once again underlines the trust in Cadeler’s vision and capability to accelerate the renewable transition. We are now the global leader in jack-up offshore wind installation with a strong strategic position in the market.”

Jan Ole Huseby, Global Head of Ocean Industries at DNB said: “The Facility is a true milestone and once again showcases DNB’s ability to arrange tailored solutions for our clients. We are pleased to contribute as Bookrunner, Co-ordinator, Facility Agent, Green Advisor and ECA Agent on this important financing for Cadeler.”

The Facilities underlines the strong partnership between Cadeler and financiers. The final documentation of the financing has been signed, leaving closing of the Facilities only subject to fulfilment of customary conditions precedent.

About Cadeler A/S
Cadeler A/S is a key supplier with the offshore wind industry for installation services and operation and maintenance works that provides marine and engineering operations to the offshore wind industry with a strong focus on safety and the environment. Cadeler’s reputation as provider of high-quality offshore wind support services, combined with an innovative vessel design, positioning the company to deliver premium level services to the industry. As a company, Cadeler continues to pursue new levels of efficiency, pushing beyond the current boundaries of the supply chain. Cadeler enables and facilitates the global energy transition towards a future built on renewable energy. Cadeler is listed on the Oslo Stock Exchange (ticker CADLR).

For further information, please contact:
Mikkel Gleerup, CEO

+45 3246 3102