Fred. Olsen Windcarrier secures long term green financing

In: VesselsWindfarms
24/06/2020
Fred. Olsen Windcarrier AS has entered into two new long-term non-recourse debt financing arrangements related to the offshore wind turbine transportation and installation jack-up vessels under its indirect ownership. It concerns Brave Tern, Bold Tern and Blue Tern.

In conjunction with the financing, it has established a green loan framework with an eligibility assessment from DNV GL, which enables new investments to be financed with green loans.

For Brave Tern and Bold Tern, the arrangement is a new EUR 75 million, 6 years facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA. The amount will refinance the existing debt facility, and further contribute to the financing of the crane upgrade on Brave Tern. A tranche of approximately EUR 29 million of this facility will be covered by the green loan framework.


For Blue Tern, (51% owned), the current financing with NIBC and Clifford, of which approximately EUR 31 million is outstanding, has been extended by approximately 2.5 years and now matures end-2022.

Fred. Olsen Windcarrier recently announced that its liftboat
Jill has begun preliminary geotechnical investigations for the Thor offshore wind project in the Danish North Sea. The vessel will be used during the borehole campaign and provide a stable and robust platform for the campaign. The purpose of the assignment is to acquire geotechnical and geological information about the subsurface to be used as a basis for developers to assess the soil conditions.

For more information on offshore wind farm construction vessels,
click here.

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