HSBC and Clifford Capital Back Cadeler With €180 Million Green Facility
HSBC’s Singapore branch and Clifford Capital have arranged a green loan facility of up to 180 million euro for offshore wind specialist Cadeler, supporting the company’s vessel construction program and broader expansion plans.
The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC), and Singapore-based infrastructure financing platform Clifford Capital acted as mandated lead arrangers on the facility, according to a statement on Thursday from law firm Norton Rose Fulbright, which advised the lenders on the transaction.
The unsecured green loan initially amounts to 60 million euro and includes an optional accordion of a further 120 million euro, potentially bringing the total facility to 180 million euro.
Offshore Wind Expansion
The financing will be used for the construction of certain wind turbine installation vessels, the purchase of mission equipment and general corporate purposes.
The facility will be advanced in accordance with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles. HSBC also acted as green loan coordinator, as well as facility agent.
Cadeler is a supplier to the offshore wind industry, providing vessel installation services as well as marine and engineering support for operations and maintenance. The company is dual-listed on the Oslo and New York stock exchanges.
Singapore Team Advises
Norton Rose Fulbright advised HSBC and Clifford Capital as mandated lead arrangers, as well as HSBC in its additional roles. The law firm’s Singapore banking and finance team also advised on amendments to Cadeler’s existing facilities with HSBC as part of a wider restructuring.
The Norton Rose Fulbright team was co-led by partner Aditya Rebbapragada and senior associate Sophie Polisena, supported by associate Alden Tan. Danish law firm Bech-Bruun acted as Danish legal adviser to HSBC.
«As the offshore wind industry continues to scale, financing structures that align with sustainability principles are more important than ever,» Rebbapragada said.
