Cadeler secures $192.3 million loan to fund new offshore wind farm

Offshore wind contractor Cadeler has entered into a green secured revolving credit facility (“RCF”) of a 3-year term loan of €185 million (approximately $192.3 million).

Together with the company’s cash and cash equivalents, the RCF facility will be used to fund Cadeler’s new offshore wind turbine and foundation installation vessels, as well as for general corporate purposes.

“The RCF is secured by customary security interests in (amongst others) first ranking mortgages on the Company’s vessels, first ranking assignments of vessel insurance and first ranking assignments of earnings in relation to each vessel. RCF contains customary financial and general clauses,” Cadler said.

In May, Cadeler ordered a $345 million F-Class hybrid offshore wind foundation and F-Class wind turbine installation vessel from China’s COSCO Heavy Industries.

The F-Class will be able to transport up to six XL monopiles (weight 2,300 to 2,600 mt each), alternatively to transport and install five sets of 20 MW+
round trip turbines. The new F-Class is expected to be delivered in the fourth quarter of 2025.

In addition, last year the company ordered two X-class wind turbine installation vessels from COSCO.