An illustration showing Eneti's Wind Turbine Installation Vessel (WTIV) under construction at Hanwha Ocean. Illustration courtesy Eneti Inc.
Eneti Inc. (NYSE: NETI) announced today that it has successfully executed a senior secured green term loan facility worth up to $436.0 million. The loan will help finance approximately 65% of the purchase cost of Eneti’s two newbuild wind turbine installation vessels (WTIVs).
The financing consists of multiple tranches, including a commercial tranche, a direct tranche from the Export-Import Bank of Korea, a guaranteed tranche from Eksportfinansiering Norge, and a covered tranche from Korea Trade Insurance Corporation. The lenders involved are Credit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial, New York Branch, KfW IPEX-Bank GmbH, Société Générale, and The Korea Development Bank.
Financing for each vessel has a maturity date of 12 years from the delivery date.
In November 2023, Eneti completed the delivery of the Seajacks Hydra and Seajacks Leviathan to their new owner. These deliveries, along with the earlier delivery of the Seajacks Kraken in October 2023, mark the completion of the sale of all of Eneti’s NG2500X-class vessels.
“We are delighted to have received such strong support from the lenders and export credit agencies to allow us to successfully close this green loan facility to finance our two newbuild WTIVs,” said Emanuele Lauro, Eneti’s Chairman and CEO.
Eneti placed an order for the two newbuild WTIVs in 2021 with South Korea-based Hanwha Ocean (formerly Daewoo Shipbuilding and Marine Engineering, or DSME). Deliveries are planned in the fourth quarter of 2024 and second quarter of 2025, respectively.
Eneti debuted in early 2021 as pure-play offshore WTIV shipowner after transitioning away from the dry bulk shipping sector under its former name “Scorpio Bulkers”. The company currently operates a market-leading fleet of five WTIVs through its wholly-owned subsidiary Seajacks UK Limited, which it acquired in 2021.
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