Offshore wind turbine installation company Cadeler A/S has closed financing for two state-of-the-art A-Class jack-up vessels under construction in China.

The ECA-backed green facilities amounting to €675 million ( US$780.51 million ) include pre-delivery and post-delivery financing, as well as mission equipment financing elements.

The deal was led by DNB Bank. Norton Rose Fulbright advised DNB Bank and a related syndicate of international banks. The facilities are backed by China Export and Credit Insurance Corporation ( Sinosure ) and Eksportfinansiering Norge ( Eksfin ), and will strengthen Cadeler’s capacity to meet the increasing global demand for large-scale renewable energy projects.

The vessels are similar to Cadeler’s P-Class vessels, which Norton Rose Fulbright advised on in 2023, but with unique features that will enable the vessels to handle the next generation of wind turbine foundations. Ancillary lines have also been put in place to support the project-related LC needs of the units.

“These facilities were technically sophisticated and combined newbuilding and conversion aspects, green loan and pure green asset features, and export credit wraps," says Yianni Cheilas, co-head of asset finance, EMEA, at Norton Rose Fulbright.

“It is also very encouraging to see increasing ECA ( export credit agency ) support for green financings of this nature and we were delighted to be able to assist DNB Bank on yet another successful transaction for Cadeler, who continues to lead the way in the offshore wind turbine installation space", he adds.

Norton Rose Fulbright similarly advised DNB Bank on bridge facilities for Cadeler last month, and advised it on two syndicated green financing and partially ECA-backed facilities, totalling €1.075 billion, for Cadeler in 2023. It also advised Société Générale, along with a syndicate of banks, on two green loan facilities for Cadeler late last year.