Cadeler A/S, a Danish specialist and global leader in offshore wind turbine installation, has ambitious growth plans that will contribute to the global green transition and create jobs in Denmark. As a result, EIFO has increased its engagement with the company.
Over the next few years, Cadeler A/S will significantly expand its fleet to meet the rising global demand for offshore wind turbine installation.
EIFOs is engaged in the financing of two state-of-the-art vessels, Wind Maker and Wind Mover, currently under construction in South Korea.
The first of these vessels is expected to be delivered in early 2025, with additional vessels planned for both turbine and foundation installation. These new vessels are designed to install the largest wind turbines and operate on green fuels, positioning Cadeler as the leader in the market.
Our fleet is currently the most modern and efficient, but globally there is a large demand for vessels for offshore wind turbine installation
Growth ambitions require capital investment
Cadeler’s expansion requires substantial capital investment, which is crucial for increasing wind turbine capacity as well as creating jobs in Denmark, where the company has offices in Copenhagen and Vejle.
To support this growth, EIFO, in collaboration with a banking consortium and the Norwegian and South Korean export credit agencies, Eksfin and KEXIM, has secured financing for the two new vessels.
EIFO is contributing with a buyer guarantee of DKK 1.04 billion.
“Our fleet is currently the most modern and efficient, but globally there is a large demand for vessels for offshore wind turbine installation. EIFO’s involvement in financing our new vessels is vital,” says Mikkel Gleerup, CEO of Cadeler A/S.
It is a core task for EIFO to contribute to the green transition and secure Danish jobs, which is why we have joined the financing of Cadeler's new vessels
Supporting Danish Jobs and the Green Transition
Peter Boeskov, Commercial Director of Large Corporates at EIFO, emphasizes the importance of this financing for both the green transition and job creation in Denmark.
"Cadeler is a world-leading and innovative Danish company in the offshore wind turbine installation market. With the trend towards larger turbines and increasing demand, Cadeler is well-positioned for growth," he says and continues:
"EIFO has previously financed Cadeler, which has laid out an ambitious growth strategy that can not only give the company great success and create more jobs in Denmark, but also contribute to realize more wind turbine capacity worldwide for the benefit of the climate. It is a core task for EIFO to contribute to the green transition and secure Danish jobs, which is why we have joined the financing of Cadeler's new vessels."
