BW Group and Scorpio-backed offshore wind installation player Cadeler has secured additional capital by upsizing its HSBC green loan.
Last November, the Oslo and New York-listed contractor sealed a €50m financing deal with HSBC to help fund the construction of its newbuilds and upgrade the existing vessels.
The five-year unsecured green loan came with a non-committed accordion option of up to €50m, which has now been increased to €80m.
Cadeler, with a fleet of four operational and six newbuilding jackup installation vessels, said the extended facility underscored the company’s strategic positioning in the offshore wind market.
“We are very pleased with the support and the shared vision of the potential in Cadeler and the offshore wind market. We are well placed to meet the increasing global demands and to execute the largest and most complex offshore wind installation projects,” stated Mikkel Gleerup, CEO of Cadeler.
