Cadeler has secured financing from Export and Investment Fund of Denmark (EIFO) for two offshore wind installation vessels.
EIFO is co-financing Cadeler’s purchase of two new ships, Wind Maker and Wind Mover, which are being manufactured in South Korea, with delivery of the first in 2025.
To raise the capital EIFO is working in collaboration with a banking consortium and the Norwegian and South Korean export credit agencies, Eksfin and KEXIM, and is contributing with a buyer guarantee of Dkr1bn (€139m).
More new vessels will follow later for the installation of both wind turbines and foundations, EIFO stated.
The two new ships are able to install the largest offshore machines on the market and can be powered by green fuels.
Cadeler’s expansion requires substantial capital investment, which is crucial for increasing harware capacity as well as creating jobs in Denmark, where the company has offices in Copenhagen and Vejle.
“Our fleet is today the most modern and efficient, but there is generally a need for more ships to set up offshore wind turbines worldwide – and the turbines are getting bigger and bigger,” said Cadeler chief executive Mikkel Gleerup.
He added: “Therefore, for us, it is about future-proofing our fleet and position in the market. It is a capital-intensive segment in which we operate, therefore EIFO’s commitment to the financing of our company is of great importance.”
EIFO’s commercial director for large corporates Peter Boeskov said: “Cadeler is a world-leading and innovative Danish player in the market for setting up offshore wind turbines.
“Development is moving in the direction of larger turbines, and all the existing capacity is already needed today.
“Looking ahead, demand will probably only increase.
“There is great potential here for Cadeler.”