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

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 amounts to EUR 38 million. The borrower is the Danish company Cadeler, one of the world's leading providers for the construction and maintenance of offshore wind farms.

The ships, whose availability is often a bottleneck in the construction of offshore wind farms, are being built in China by Cosco Shipping (Qidong) Offshore Ltd. and are scheduled for delivery in 2024 and 2025. They are prepared for being fuelled with both conventional fuel and biofuel and have been designed to be upgradable to methanol. They will also be equipped with battery packs and a shore power connection. Substantial parts of the modern technology will be supplied from Europe.

Only recently, KfW IPEX-Bank participated in the financing of two WTIVs for the offshore company Eneti, with whom Cadeler entered into a merger this year.

Andreas Ufer, 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 very pleased to support the renowned company Cadeler in its determined and forward-looking investment in the next generation of WTIVs, thus making a further contribution to a functioning offshore wind industry."