Edda Wind announced it has entered into a green term loan facility agreement for the pre- and postdelivery financing of four new commissioning service operation vessels (CSOV) under construction at Vard.
The agreement is a €161 million green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years. The facility corresponds to a leverage ratio of 60% of the total ready for sea cost of the vessels.
“We are pleased to secure another attractive green loan facility for our newbuilding program. Edda Wind is grateful for the support by a group of first-class lenders with a commitment to the offshore wind industry, and pleased that we have further expanded our bank group preparing us for the journey ahead. Following this agreement, 13 of the 14 vessels in our fleet have secured long term financing and we expect to finalise the debt financing of the remaining vessel in 2024 once we have reached relevant yard milestones. By this facility, Edda Wind has raised in excess of EUR 400 million in capital during 2023 for our newbuilding program” says Kenneth Walland, CEO of Edda Wind.
The first two vessels are expected to be delivered in Q1 2025, the third in Q2 2025, and the fourth in Q1 2026.