Havfram Secures Financing for Wind Turbine Installation Vessels in Singapore

Credit: Havfram

Global offshore services provider has successfully secured a Senior Secured Green ECA Term Loan Facility to finance its inaugural Wind Turbine Installation Vessels (WTIV), currently under construction in Singapore at CIMC Raffles.

The agreement, orchestrated with precision by a syndicate spearheaded by DNB Bank ASA (acting as Coordinator, Bookrunner, Green Loan Advisor, and Agent), includes notable participation from SpareBank 1 SR-Bank ASA, Credit Agricole, Sparebanken Vest, as Mandated Lead Arrangers, and as the ECA lender. Additionally, the loan benefits from coverage provided by Atradius Dutch State Business, the Export Credit Agency of the .

Havfram's Chief Financial Officer, Bjorn Kristian Roed, expressed satisfaction with the financing arrangement, stating, “We are pleased to secure financing for our two state-of-the-art Wind Turbine Installation Vessels. This facility, alongside the equity provided by our sponsors Sandbrook and PSP Investments, fully funds Havfram's newbuilding program with the support of leading maritime lenders and export credit agencies.”

Roed emphasized the collaborative nature of the endeavor, highlighting the vital role played by both equity and debt capital providers. He noted, “Access and cooperation between equity and debt capital providers are key to success in providing the world with renewable energy. This facility is a shining example of this collaboration and supports our work to harvest clean energy from offshore wind.”

The financing marks a significant step for Havfram as it positions itself at the forefront of the renewable energy sector, contributing to the global effort to expand offshore wind capabilities through cutting-edge technology and sustainable financing solutions.

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