KfW IPEX-Bank: Financing for two wind turbine installation vessels for Cadeler

• Green loan for the offshore wind industry
• Ships with dual function

As part of a consortium of commercial banks, KfW IPEX-Bank has provided financing for two wind turbine installation vessels (WTIV). KfW IPEX-Bank's share of the total financing of EUR 525 million, which is covered by the export credit agencies (ECAs) Eksfin and Sinosure, is just under EUR 60 million. The borrower is the Danish company Cadeler, a leading offshore wind service provider, specializing in the transportation, installation, and servicing of wind turbines and foundations.

The vessels will be built in China by Cosco Shipping Heavy Industry Co. Ltd. and are scheduled for delivery in H2/2025 and H2/2026. Both vessels will be fitted out with monopile installation equipment but can be converted for jacket and turbine installation as needed, ensuring operational flexibility. In terms of size and equipment, the ships are also designed in such a way that they can also be used in the future to install the next generation wind turbines and the (X)XL foundations required for this.

They can run on both conventional fuel and biodiesel and are also designed to be converted to run on methanol. They are also equipped with a battery package and a shore power system. Substantial parts of the modern technology will be supplied from Europe. KfW IPEX-Bank had already contributed to the financing of two WTIVs for Cadeler in 2023 and 2024.

Aida Welker, Member of the Management Board of KfW IPEX-Bank: "Advancing the construction of offshore wind farms is one of the key prerequisites for the energy transition. We are delighted to support our valued client, the renowned company Cadeler, in its determined and forward-looking investment in the next generation of WTIVs. In doing so, we are making a further contribution to a functioning offshore wind industry."