Paris office advises on post-delivery US$436m green financing of two new build wind turbine installation vessels

Global law firm Norton Rose Fulbright has advised Société Générale, Credit Agricole Corporate and Investment Bank (CA-CIB) and a pool of international banks and export credit agencies on a US$436m post-delivery green senior secured export credit facility to subsidiaries of Eneti Inc for the purchase of two new build wind turbine installation vessels.

The vessels are currently under construction at Hanwha Ocean Co., Ltd., previously known as Daewoo Shipbuilding & Marine Engineering Co., Ltd., in South Korea. The owners of the vessels will be two special purpose vehicles incorporated in the United Kingdom, each 100 percent indirectly owned by Eneti Inc.

The green senior secured export credit term loan facility, which will finance around 65 percent of the vessels, was co-arranged and co-underwritten by Société Générale and CA-CIB, with Société Générale as ECA agent, Facility Agent, Security Agent, Green Loan Coordinator, Co-bookrunner, ECA Coordinator and Co-green Loan Arranger, and CA-CIB as Co-bookrunner, ECA Coordinator and Co-green Loan Arranger.

It includes a commercial tranche of up to US$130.8m, a covered tranche from Korea Trade Insurance Corporation (K-SURE) of up to US$145.2m, a direct tranche from the Export-Import Bank of Korea (KEXIM) of up to US$115m, and a guaranteed tranche from Eksportfinansiering Norge (Eksfin) of up to US$45m.

The maturity date of the facility in relation to each vessel is 12 years from the delivery date of each vessel.

The Norton Rose Fulbright team in Paris advising on the facility was led by Partner Christine Ezcutari and included Counsel Paolo Pinna and Associate Constance Ollat, with additional support from Sam Colman and lawyers in the firm’s Amsterdam office.

Christine said:

“We are delighted to have been able to assist our clients, Société Générale and Credit Agricole Corporate and Investment Bank, with this US$436m green credit facility to Eneti Inc, which will enable the purchase of two new wind turbine installation vessels. We continue to see increasing demand across this important and fast developing sector, and we look forward to continuing to support our clients in this area as we enter into 2024.”

Norton Rose Fulbright provides the full range of legal services to the global shipping industry, including banks, lessors, brokers, owners and operators worldwide. Its lawyers advise on all aspect of corporate shipping transactions, such as mergers and acquisitions, complex finance and leasing deals and ship sales, acquisitions and charter transactions.