Norton Rose Fulbright advises Société Générale on green financing of WTIVs
Published by Jessica Casey,
Editor
Energy Global,
Global law firm, Norton Rose Fulbright, has advised Société Générale as Mandated Lead Arranger and Agent, along with a syndicate of banks, in relation to two green loan facilities for Cadeler A/S totalling approximately €520 million for the financing of two state-of-the-art newbuild wind turbine installation vessels under construction in the Republic of Korea.
The syndicate of banks also included Crédit Agricole CIB, CIC New York, and Korea Development Bank.
The facilities were partly ECA-backed by Export Finance Norway (Eksfin) and the Export and Investment Fund of Denmark (EIFO) and included a direct loan from Korea Eximbank (KEXIM). Both facilities were sustainability-linked and included approximately €100 million of ancillary guarantee facilities to assist Cadeler with the vessels’ operational activities.
This deal represents the third successful green financing for Cadeler that Norton Rose Fulbright has advised on within the last twelve months, following the firm’s work advising the mandated lead arranger, co-ordinator and bookrunner, and related bank syndicates on a €1.1 billion green financings package and its advice on delivering the financing of a €50 million unsecured green loan facility received by Cadeler.
The Norton Rose Fulbright global asset finance team advising on this deal was led by the firm’s Co-Head of Asset Finance, Yianni Cheilas, with support from Senior Associates, Nicholas Papadopoulos and Alexis Remoundos, and Associate, Jennifer Carr. The team was also supported by Finance Partner, Neha Khosla, Counsel, James Tong, and Associate, Jack Zheng, on related finance aspects. New York-based Partner, Brian Devine, advised on Marshall Islands law matters.
Cheilas said: “The continued growth of green and sustainability-linked loans for offshore projects of this scale supported by a diverse range of export credit agencies is a positive trend for international energy transition ambitions and we were delighted to advise our clients on this signification transaction.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Summer 2024 issue
The Summer 2024 issue of Energy Global starts with a guest comment from Terrawatt on the streamlining of the permitting process in Italy, before moving on to a regional report from Frost & Sullivan on the energy landscape in Asia Pacific. This issue looks at key topics such as wind installation vessels, offshore wind turbine foundations, weather analysis, solar maintenance, and more!
Read the article online at: https://www.energyglobal.com/wind/04092024/norton-rose-fulbright-advises-socit-gnrale-on-green-financing-of-wtivs/
You might also like
An evolution in wind energy
Stefano Santoni, Davi, Italy, examines the need for offshore and onshore wind turbine components to meet increasing demand in the wake of the growth of wind energy.