Norway´s offshore ship owner Edda Wind, listed on the Oslo Stock Exchange, has entered into a green term loan facility agreement for the pre- and postdelivery financing of the four vessels under construction at Vard.

The deal is a €161m green loan facility with Crédit Agricole Corporate and Investment Bank, Danske Bank A/S, DNB Bank ASA and SpareBank 1 SR-Bank ASA, with expiry in 2029 and a profile of 12 years.

The company reveals that the new loan facility corresponds to a leverage ratio of 60% of the total ready for sea cost of the vessels.

Kenneth Walland, chief executive of Edda Wind, said: “We are pleased to secure another attractive green loan facility for our newbuilding programme. Edda Wind is grateful for the support by a group of first-class lenders with a commitment to the offshore wind industry, and pleased that we have further expanded our bank group preparing us for the journey ahead.”

“Following this agreement, 13 of the 14 vessels in our fleet have secured long term financing and we expect to finalise the debt financing of the remaining vessel in 2024 once we have reached relevant yard milestones. By this facility, Edda Wind has raised in excess of EUR 400 million in capital during 2023 for our newbuilding programme.”