KfW IPEX-Bank, as part of a consortium of commercial banks, has financed two wind turbine installation vessels (WTIV) for the Danish company Cadeler. The total financing amounts to EUR 525 million, with KfW IPEX-Bank contributing just under EUR 60 million. This financing is supported by export credit agencies Eksfin and Sinosure.
The vessels will be constructed in China by Cosco Shipping Heavy Industry Co. Ltd., with deliveries expected in the second half of 2025 and 2026. These ships are equipped with monopile installation equipment but can be adapted for jacket and turbine installations, providing operational flexibility. They are designed to accommodate future wind turbines and larger foundations.
These WTIVs have dual-fuel capabilities, running on conventional fuel or biodiesel, and can be converted to methanol use. They also feature a battery package and shore power system, with significant technology sourced from Europe. Previously, KfW IPEX-Bank participated in financing two WTIVs for Cadeler in 2023 and 2024.
Aida Welker, Member of the Management Board of KfW IPEX-Bank stated: "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."