Cadeler announced it has secured a Vessel Reservation Agreement (VRA) with Ocean Winds to install  wind turbine generators (WTG) at the BC-Wind offshore wind farm located in the Polish Baltic Sea. The contract’s potential value will be discussed and agreed during the VRA period, between € 48 million and € 56 million.

Vessel Deployment and Project Timeline

Cadeler will use an O-class vessel to install around 30 WTGs at the BC-Wind offshore wind farm by 2028. This is Cadeler and Ocean Winds’ first direct contract, though they’ve previously collaborated on projects like Moray West in Scotland.

BC-Wind Offshore Wind Farm Details

The BC-Wind offshore wind farm will have a total capacity of up to 500 MW. It will be located 23 km from the Polish coast, north of Pomeranian Voivodeship, and Ocean Winds will operate its first project in Poland.

Mikkel Gleerup, CEO of Cadeler, said, “We are happy to embark on a new partnership with Ocean Winds, leveraging our expertise and resources to further strengthening our Polish pipeline. Poland has become a significant player in the offshore wind market, and we look forward to once again be working in the Baltic Sea contributing to the development of offshore wind energy in the region.”

Also read: Iberdrola Partners with Kansai on Windanker Offshore Wind Farm

Cadeler’s Growing Presence in Poland’s Offshore Wind Market

This contract further strengthens the presence of Cadeler in the Polish offshore wind market. Previously, the company had won some major contracts there, which positioned it well within the market.

In October 2024, Cadeler contracted two wind turbine installation projects with Equinor and Polenergia at Bałtyk 2 and 3. In February 2024, Ørsted and PGE Polska contracted the company to install Siemens Gamesa 14 MW turbines at Bałtyk 2 and 3 within the larger Baltica Offshore Wind Farm, set for completion by late 2027.

As of July 2023, Cadeler agreed with Baltic Power to install 76 Vestas 15 MW offshore wind turbines at Baltic Power. Installation work will kick off in 2025 at the Baltic Power offshore wind farm.

Cadeler, a leader in offshore wind turbine installation, operates six jack-up vessels, with five more arriving in the coming years.

The world’s leading container shipping line, Hapag-Lloyd, has secured green financing for the construction of 24 large container ships. The new vessels ordered in October 2024 will have a combined capacity of 312,000 TEU and a combined investment volume of $4 billion. 

Financing Structure and Key Components

Hapag-Lloyd has split up the financing for these 24 newbuildings into four categories. Hapag-Lloyd will provide about $900 million of its own equity to fund part of the buy-price. Bilateral mortgage loans from two banks will be worth $500 million. Hapag-Lloyd will provide the largest share, $1.8 billion, through three leasing structures and raise the remaining $1.1 billion via a syndicated credit facility backed by Sinosure, a subsidiary of the China Export & Credit Insurance Corporation. The financing arrangement covers close to 80 percent of the total investment cost, and loans fall within the range of repayment between 10-18 years.

Green Financing Framework

Hapag-Lloyd is financing the ships under its Green Financing Framework, as envisaged by the Loan Market Association in its Green Loan Principles. The international classification society DNV independently audited the framework, confirming the vessels’ high efficiency and adherence to the EU Taxonomy.

Mark Frese, CFO and CPO of Hapag-Lloyd, said, “We are continuously modernizing our fleet in order to deliver a high quality of service and to achieve our ambitious decarbonization goals.”

He added, “The successful conclusion of several attractive financial transactions confirms that green financing components are becoming increasingly important. In addition, we are pleased to be able to finance newbuild projects in China for the first time with the Sinosure transaction.”

Hapag-Lloyd commits to the 1.5-degree objective of the Paris Agreement and thus actively decreases emissions of greenhouse gas. It aims to cut greenhouse gas emissions across its fleet around one-third through 2030 compared with its 2022 baseline. These efforts form a part of bigger efforts in going towards achieving zero net operations with the fleet until 2045.

Also read: EIB and Findomestic To Promote Sustainable Living Through Green Financing

Technological Advances for a Sustainable Future

The company has contracted 24 container ships from China. The Hapag-Lloyd container ships will be fitted with the most modern low-emission high-pressure liquefied gas dual-fuel engines, which enhance the fuel efficiency of the vessels using biomethane and reduce CO2e emissions by up to 95% compared with traditional systems. The vessels will also be ammonia-ready, making them ready for future fuel innovations. Furthermore, the delivery will take place between 2027 and 2029.