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An illustration of the Havfram WTIVs

Illustration courtesy Havfram

Havfram Secures Financing for Newbuild Wind Turbine Installation Vessels

Mike Schuler
Total Views: 1173
November 21, 2023

Norway-based Havfram, a pure-play owner and operator of Wind Turbine Installation Vessels (WTIVs), has secured financing to fully fund the construction of their two WTIVs. The vessels are currently being built at CIMC Raffles in China.

The financing agreement, a Senior Secured Green ECA Term Loan Facility, was made with a syndicate of institutions led by DNB Bank ASA.

The NG20000X design WTIVs will be among the most capable vessels of their kind in the world. With a 3,250-ton crane and hybrid battery propulsion, they will be able to handle the world’s largest wind turbines (20+ megawatts) in waters up to 70 meters deep. Deliveries are anticipated in 2024 and 2025.

“This Facility, alongside the equity provided by our sponsors Sandbrook and PSP Investments, fully funds Havfram’s newbuilding programme with the support of leading maritime lenders and export credit agencies,” said CFO Bjørn Kristian Røed. “Access and cooperation between equity and debt capital providers are key to success in providing the world with renewable energy.”

Havfram recently made the strategic decision to shift their focus solely towards offshore wind transport and installations, discontinuing their involvement in the early-phase development of offshore wind parks.

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