EuropeOffshore Wind

Fred. Olsen Windcarrier secures green financing

Fred. Olsen Windcarrier has entered into two new long-term debt financing arrangements related to offshore wind turbine transportation and installation jackup vessels Brave Tern, Bold Tern and Blue Tern.

A green loan framework was established in conjunction with the financing with an eligibility assessment from DNV GL, which enables new investments to be financed with green loans.

For Brave Tern and Bold Tern, the arrangement is a new EUR75m ($85m) six-year facility with DNB Bank and SpareBank 1 SR-Bank. The amount will refinance the existing debt facility, and further contribute to the financing of the crane upgrade on Brave Tern. A tranche of approximately EUR29m of the facility will be covered by the green loan framework.

For the company’s 51% owned Blue Tern, the current financing with NIBC and Clifford, of which around EUR31m is outstanding, has been extended by approximately 2.5 years and now matures end 2022.

Fred. Olsen Windcarrier currently owns three wind farm installation vessels and seven fast supply vessels.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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