Renewable energy service provider Cadeler has finalized the signing of €550 million Green Loan and Guarantee Facilities in collaboration with a consortium of banks led by DNB. The group includes Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank, and Societe Generale.
The primary objectives of the facilities are to refinance existing vessels within Cadeler and Eneti, anticipating their planned business combination. Additionally, the funds will be allocated for upgrading cranes on Cadeler's two existing vessels and for general corporate and working capital needs.
Comprising two Revolving Credit Facilities (RCFs) totaling €350 million, a €100 million term loan backed by The Danish Export and Investment Fund of Denmark, and a €100 million uncommitted guarantee facility, these financing arrangements reflect a comprehensive approach to addressing Cadeler's diverse financial needs.
The green financing initiative aligns with an updated Green Finance Framework and receives support from a Medium Green Rating issued by S&P Global, as reaffirmed in a Second Party Opinion.
This latest financial development follows Cadeler's recent announcement of a separate €50 million Green Loan facility with HSBC, indicating a concerted effort to bolster the company's commitment to sustainable business practices.
Cadeler's CEO, Mikkel Gleerup, expressed gratitude for the strong backing from Nordic and global banks, citing it as a testament to Cadeler's vision and capability in advancing the renewable energy transition. Gleerup emphasized the strategic positioning of Cadeler in the market, positioning the company favorably to meet the escalating global demands and execute complex offshore wind installation projects.
Jan Ole Huseby, Global Head of Ocean Industries at DNB, highlighted the significance of these facilities as a demonstration of DNB's ability to provide tailored financing solutions. He expressed satisfaction in partnering with Cadeler in multiple roles, including Underwriter, Bookrunner, Coordinator, Facility Agent, Green Advisor, and ECA Agent, emphasizing the importance of the financing in supporting the ongoing energy transition.
