Norway's Fred Olsen Windcarrier has entered into two new long-term eco financing deals for its three wind turbine installation ships.
The deal involves the establishment of a green loan framework, through which class society DNV GL will assess eligibility for new investment that will also be financed under sustainable loan criteria.
Norwegian lenders DNB Bank and SpareBank 1 SR-Bank are providing total of €75m ($85m) for the 132-loa Brave Tern (built 2012) and Bold Tern (built 2013) over six years.
The deal refinances the existing debt facility and further contributes to the financing of a crane upgrade for Brave Tern, Fred Olsen said.
A tranche of €29m of this facility will be covered by the green loan framework, linking coupons to sustainability targets.
Loan deal extended
The Fred Olsen group company also said a current outstanding loan package of €31m for Blue Tern, which is 51% owned, from NIBC and Clifford has been extended by two and a half years and now matures at the end of 2022.
TradeWinds has reported this week that the slowing in the increase of the physical size of turbines means owners will have more confidence in ordering new vessels.
Fred Olsen Windcarrier told TradeWinds it has just ordered the new crane for Brave Tern.
"After installation, the vessel will be able to install foundations and next-generation turbines. So, at the moment, we are investing in upgrading our vessels to meet future demand," a spokeswoman added.
When work on Brave Tern is complete in 2022, the 1,600-tonne leg-encircling crane will be the biggest in the market.
